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McGraw-Hill's Taxation (52).docx
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Question: Happy Hippos (HH) is a manufacturer and retailer of New England crafts headquartered in Camden, Maine. HH provides services has sales, employees, property, and commercial domicile as follows: Happy Hippos In-State Activities State Sales Employees Property Services Commercial Domicile Connecticut ü ü ü Maine ü ü ü ü ü Massachusetts ü ü New Hampshire ü Rhode Island ü ü Vermont ü ü ü ü Happy Hippos sales of goods and services by state are as follows: ...

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McGraw-Hill's Taxation (65).docx
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Windmill Corporation manufactures products in its plants in Iowa, Canada, Ireland, and Australia. Windmill conducts its operations in Canada through a 50 percentowned joint venture, CanCo. CanCo is treated as a corporation for U.S. and Canadian tax purposes. An unrelated Canadian investor owns the remaining 50 percent. Windmill conducts its operations in Ireland through a wholly-owned subsidiary, IrishCo. IrishCo is a controlled foreign corporation for U.S. tax purposes. Windmill conducts its op...

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McGraw-Hill's Taxation (35).docx
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Question: 1. Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia;it ships goods to all 50 states. Kashi’s employees attend regional and national fencing competitions where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus in the following situations:   a) Kashi is incorporated and headquartered in Virginia. It also ha...

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McGraw-Hill's Taxation (64).docx
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Spartan Corporation manufactures quidgets at its plant in Sparta, Michigan. Spartan sells its quidgets to customers in the United States, Canada, England, and Australia.Spartan markets its products in Canada and England through branches in Toronto and London, respectively. Title transfers in the United States on all sales to U.S. customers and abroad (FOB: destination) on all sales to Canadian and English customers. Spartan reported total gross income on U.S. sales of $15,000,000 and total gross...

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McGraw-Hill's Taxation (57).docx
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Paton Corporation, a U.S. corporation, owns 100% of the stock of Tappan Ltd, a British corporation, and 100 percent of the stock of Monroe N.V., a Dutch corporation. Monroe has post-1986 undistributed earnings of €600 and post-1986 foreign income taxes of $400. Tappan has post-1986 undistributed earnings of £800 and post-1986 foreign income taxes of $200. During the current year, Tappan paid Paton a dividend of £100 and Monroe paid Paton a dividend of €100. The dividends were exempt from w...

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McGraw-Hill's Taxation (44).docx
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Question: Bad Brad sells used semi trucks and tractor trailers in the Texas panhandle. Bad Brad has sales as follows: Bad Brads State Sales Colorado $234,992 Oklahoma 402,450 New Mexico 675,204 Texas 1,085,249 Totals $2,397,895 Bad Brad is a Texas Corporation. Answer the questions in each of the following scenarios. a) Bad Brad has nexus in Colorado, Oklahoma, New Mexico and Texas. What are the Colorado, Oklahoma, New Mexico and Texas sales apportionment factors? b) Bad Brad has nex...

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McGraw-Hill's Taxation (66).docx
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{Tax Forms} Euro Corporation, a U.S. corporation, operates through a branch in Germany. During 2017the branch reported taxable income of $1,000,000 and paid German income taxes of $300,000. In addition, Euro received $50,000 of dividends from its 5% investment in the stock of Maple Leaf Company, a Canadian corporation. The dividend was subject to a withholding tax of $5,000. Euro reported U.S. taxable income from its manufacturing operations of $950,000. Total taxable income was $2,000,000. Prec...

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McGraw-Hill's Taxation (58).docx
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{Planning} Hannah Corporation, a U.S. corporation, owns 100 percent of the stock its two foreign corporations, Red S.A. and Cedar A.G.Red and Cedar derive all of their income from active foreign business operations. Red operates in a low- tax jurisdiction (20 percent tax rate), and Cedar operates in a high- tax jurisdiction (50 percent tax rate). Red has post-1986 foreign income taxes of $200 and post-1986 undistributed earnings of 800u. Cedar has post-1986 foreign income taxes of $500 and post-...

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McGraw-Hill's Taxation (33).docx
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Question: Last year, Reggie, a Los Angeles, California resident, began selling autographed footballs through Trojan Victory (TV), Incorporated, a California corporation. TV has never collected sales tax. Last year TV had sales as follows: California ($100,000), Arizona ($10,000), Oregon ($15,000), New York ($50,000), and Wyoming ($1,000). Most sales are made over the internet and shipped by common carrier. How much sales tax should TV have collected in each of the following situations: a) ...

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McGraw-Hill's Taxation (32).docx
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Complete Answer (Next Page) Question: Kai operates the Surf Shop in Laie, Hawaii, whichdesigns, manufacturers, and customizes surf boards. Hawaii has a 4 percent excise tax technically paid by the seller. However, the state also allows "tax on tax" to be charged, which effectively means a customer is billed 4.166 percent of the sales price.Determine the sales and use tax liability the Surf Shop must collect and remit -or that the customer must pay - for each of the following orders: a) Kala...

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