Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
26th Edition
ISBN: 9781337702621
Author: Kevin E. Murphy, Mark Higgins
Publisher: Cengage Learning
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Question
Chapter 2, Problem 18P
To determine
Identify the following that are based on an ability to make payment.
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Correll Company, which operates a mail-order clothing business, is physically located in State L. This year, the firm shipped $14.5
million of merchandise to customers in State R. State R imposes a 6 percent sales and use tax on the purchase and consumption of
retail goods within the state.
Required:
a. Do State R residents who purchased Correll merchandise owe use tax on their purchases?
b. If State R could legally require Correll to collect a 6 percent tax on mail-order sales made to residents of the state, how much
additional revenue would the state collect?
Complete this question by entering your answers in the tabs below..
Required A
Answer is complete but not entirely correct.
Required B
If State R could legally require Correll to collect a 6 percent tax on mail-order sales made to residents of the state, how much
additional revenue would the state collect?
Note: Enter your answer in dollars not in millions of dollars.
Additional revenue.
$ 87,000
SAN JOSE, an operator of 10 buses with provincial operations from Manila- San Mateo. It has also 5 cargo trucks. For 2018, the gross receipts from bus operations is P 1,300,000 and gross receipts from cargo truck is P 1,200,000. SAN JOSE is a non-VAT registered tax payer. How much is the total business taxes due?
You own a townhome with and assessed value of 182,300. The tax rate is $2.20 per $100 of assessed value round your answer to the nearest cent?
A-what is the amount of property tax in dollars?
B-if the state offers a 4% discount for early payment how much and dollars would the tax bill amount to if you paid early? 
C-if the state charges a mandatory 3 1/2% penalty for late payments, how much in dollars with the tax bill amount too if you paid late ?
Chapter 2 Solutions
Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
Ch. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - What is an arms-length transaction? What is its...Ch. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
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