Business, 19.03.2021 18:10 kuddlebugsmommy

Flint Corporation is subject to a corporate income tax only in State X. The starting point in computing X taxable income is Federal taxable income which is $750,000. This amount includes a $50,000 deduction for state income taxes. During the year, Flint received $10,000 interest on Federal obligations. X tax law does not allow a deduction for state income tax payments. Flint’s taxable income for X purposes is: a. $800,000.
b. $790,000.
c. $810,000.
d. $750,000.

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Flint Corporation is subject to a corporate income tax only in State X. The starting point in comput...

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