Solved by verified expert :1901. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #19
In unitary states, a(n) ____________________ provision permits a multinational
corporation to elect to limit the reach of the state’s taxing jurisdiction to
activities occurring within the
1902. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #20
Overall tax liabilities typically ____________________ (increase/decrease) if
the members of a unitary group begin to include affiliates that generate net
operating losses.
1903. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #21
Under common terminology, a unitary group files a ____________________ state
income tax return.
1904. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #22
In some states, an S corporation must withhold Federal income tax for its
shareholders who ____________________ (are/are not) state residents.
1905. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #23
Several states allow the S corporation to file a(n) ____________________ income
tax return, usually in the form of a state-by-state spreadsheet, on behalf of
its out-of-state shareholders.
1906. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #24
Almost all of the states treat a general partnership as a ____________________
entity for income tax purposes.
1907. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #25
Typically, a sales/use tax is applied to a retail sale of ____________________
property.
1908. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #26
A state sales/use tax is designed to be collected by the ____________________
(seller/purchaser) of the product and then remitted to the state.
1909. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #27
A ____________________ tax is designed to complement the local sales tax
structure, to prevent the consumer from making purchases in another, lower-tax
state.
1910. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #28
The sale of a prescription medicine probably is exempt from sales/use tax under
the _________________________ rule.
1911. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #29
The ____________________ tax usually is applied at the city or county level, as
its main source of revenue.
1912. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #30
Most jurisdictions levy a property tax on ____________________ but not on
____________________ property.
1913. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #31
An ad valorem property tax is based
on the asset’s current ____________________.
1914. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #32
A state might levy a(n) ____________________ tax when an investor sells shares
of stock.
1915. CHAPTER
16—MULTISTATE CORPORATE TAXATION Question CO #33
The ____________________ tax levied by a state usually is based on the book
value of a corporation’s “net worth.”
