Provide tax preparation by computing XYZ’s apportionment factors for all three states. For at le
Provide tax preparation by computing XYZ's apportionment factors for all three states. For at least one of the states (not all three), prepare the apportionment form using the income tax return forms for the current tax year. For example, use Form 120 for Arizona, Form K-120 for Kansas, or Form 512 for Oklahoma. You are only required to complete the apportionment schedule, not the entire tax return. Assume XYZ generates $100,200,000 of total revenue.
State Apportionment
Use this resource to complete the State Apportionment assignment in Topic 8. You will use the table below to complete Part 2 of the assignment.
State departments of revenue are found at the following links:
- Arizona: https://azdor.gov/
- Kansas: https://www.ksrevenue.org/index.html
- Oklahoma: https://www.ok.gov/tax/Forms_&_Publications/Forms/Income/
XYZ Corporation is not part of a consolidated group and is located at 3300 W. Camelback Road, Suite 135, Phoenix, AZ 85017. The business is incorporated in the State of Arizona, and business started 1/14/2010. Its EIN is 86-1234567 and the NAICS code is 332311.
The following information is available regarding the activity in each state:
|
Arizona |
Kansas |
Oklahoma |
|
|
Property: |
|||
|
Inventory (at cost), beginning of year |
7,000,000 |
3,000,000 |
1,000,000 |
|
Inventory (at cost), end of year |
8,000,000 |
2,500,000 |
1,200,000 |
|
Depreciable assets, beginning of year |
20,000,000 |
4,000,000 |
500,000 |
|
Depreciable assets, end of year |
21,000,000 |
4,000,000 |
900,000 |
|
Land, beginning of year |
5,000,000 |
2,000,000 |
0 |
|
Land, end of year |
5,000,000 |
2,000,000 |
0 |
|
Rented property |
300,000 |
||
|
Wages: |
|||
|
Compensation for officers |
4,000,000 |
0 |
0 |
|
Wages, salaries, and commissions |
22,400,000 |
3,600,000 |
420,000 |
|
Sales: |
|||
|
Sales of products, shipped from outside the state |
20,000,000 |
||
|
Sales of products, shipped from inside the state |
50,000,000 |
20,000,000 |
10,000,000 |
|
Sales of products, shipped to the U.S. government |
200,000 |
0 |
0 |
|
Sales of services |
0 |
0 |
0 |
|
Portfolio income |
12,000 |
0 |
0 |
Laws not needed for this. Just advisory memo to CFO and apportionment.
Please do only Arizona.
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