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26. Land Corporation is based in Illinois and owns commercial real estate in Ohio Street...

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Accounting

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26. Land Corporation is based in Illinois and owns commercial real estate in Ohio Street (New York) stock broker. Kentucky. The also owns a large stock account held by a Wall For income tax purposes it will pay state income tax a. on all income in Illinois b. Ohio income tax on Ohio real estate, Kentucky income tax on Kentucky real estate and c allocated between Ohio, Kentucky and Illinois based on total valuc of all assets owned New York State income tax on its stock and bonds d. Ohio income tax on Ohio real estate, Kentucky income tax on Kentucky real estate and Illinois income tax on its stock and bonds 27. A US citizen works for Delta Airlines as the station manager in Paris, France. They are in US 10-15 days a year for business meetings and family occasions. They are paid a salary in Euros and there is withholding for French income tax. For American income tax they a pay American income tax on net lafter witholding) French income b. exclude from their IRS income the French salary e. include the French salary and claim a credit of the lesser of the French income tax or the American tax on the French income d. either b or

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