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Ashton Corporation is headquartered in Pennsylvania and has a state income tax base there of $507,000. Of this amount, $93,000 was nonbusiness income. Ashton's Pennsylvania apportionment factor is 42.75 percent. The nonbusiness income allocated to Pennsylvania was $72,250.

Assuming a Pennsylvania corporate tax rate of 8.25 percent, what is Ashton's Pennsylvania state tax liability?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939447

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