PWD Incorporated is an Illinois corporation. It properly included, deducted, or excluded the following items on...
PWD Incorporated is an Illinois corporation. It properly
included, deducted, or excluded the following items on its federal
tax return in the current year:
| Item | Amount | Federal Treatment | |
| Illinois Income Taxes | $ | 33,375 | Deducted on federal return |
| Indiana Income Taxes | $ | 18,470 | Deducted on federal return |
| Ohio Commercial Activity Tax | $ | 3,988 | Deducted on federal return |
| Illinois Municipal Bond Interest | $ | 9,976 | Excluded from federal return |
| Indiana Municipal Bond Interest | $ | 15,150 | Excluded from federal return |
| Federal T-Note Interest | $ | 2,488 | Included on federal return |
PWD's Federal Taxable Income was $106,000. Calculate PWD's Illinois
state tax base.
Multiple Choice
-
$121,982.
-
$136,887.
-
$137,132.
-
$170,507.
Homework Answers
Income Tax Base = Taxable Income + Illinois Income Taxes Paid + Indiana Income Taxes Paid +
Indiana Municipal Bond Interest - Federal T-Note Interest
= $106,000 + $33,375 + $18,470 + $9,976 - $2,488 = $170,507
Hence, Option "D" is correct.
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