Herger corporation does business in california, nevada, and oregon and has income tax nexus in these states as well. herger’s california state tax base was $921,023 after making the required federal/state adjustments. herger’s federal tax return contains the following items: item
amount
federal t-note interest income
$
5,900
nevada municipal bond interest income
$
3,690
california municipal bond interest income
$
5,500
interest expense related to t-note interest income
$
1,540
royalty income
$
181,000
travel expenses
$
10,100
determine herger’s california business income.
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Herger corporation does business in california, nevada, and oregon and has income tax nexus in these...
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