Question

The maintenance of an office in New York by one or more officers or directors of...

The maintenance of an office in New York by one or more officers or directors of the corporation who are not employees of the corporation if the corporation otherwise is not doing business in New York, and does not employ capital or own or lease property in New York;

is the statements is sufficient to create income tax nexus for a New York Foreign corporation?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Businesses that exercise a corporate franchise, do business, employ capital, own or lease property, maintain an office, or derive receipts (of $1 million or more in a tax year) from activity conducted in New York will be deemed to have nexus for state purposes. A corporate partner in a partnership that is doing business in New York will also be considered to be doing business in New York.

The statement is not sufficient to create income tax nexus for a New York foreign corporation.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Any physical contact with New York State by a foreign business will create sales tax nexus...
Any physical contact with New York State by a foreign business will create sales tax nexus with New York. TRUE OR FALSE ?
1. Directors and officers are not prohibited from entering into transactions with the corporation. true false...
1. Directors and officers are not prohibited from entering into transactions with the corporation. true false 2.A basic principle of corporation law is that: here is an established market for the stock. 3.Vacancies on the board can be filled: a.by appointment by the chief executive officer of a corporation b. only by a vote of the shareholders c.by appointment by the chairperson of the board d. only by a vote of the corporation's employees 4.A corporation is liable for all...
Which of the following is not true about corporate directors? the initial board is often specified...
Which of the following is not true about corporate directors? the initial board is often specified in the articles of incorporation directors are subject to a fiduciary duty of loyalty directors must always act to preserve the corporation directors may be removed from office for breach of duty all of the other choices are true The New York Stock Exchange is an example of a stock exchange where: the stock of sole proprietorships can be traded the stock of public...
A company is planning to move to a larger office and is trying to decide if...
A company is planning to move to a larger office and is trying to decide if the new office should be owned or leased. Cash flows for owning versus leasing are estimated as follows. Assume that the cash flows from operations will remain level over a 10 year holding period. If purchased, the company will invest $355,000 in equity and finance the remainder with an interest-only loan that has a balloon payment due in year 10. The after-tax cash flow...
You represent ABC Corporation, a New Jersey S-corporation that has 3 shareholders, Abbey, Bobby and Charlie....
You represent ABC Corporation, a New Jersey S-corporation that has 3 shareholders, Abbey, Bobby and Charlie. Abbey and Bobby are domiciliaries of New York. Charlie is a domiciliary of New Jersey. Charlie owns an apartment in New York which he purchased as an investment. Charlie spends approximately 200 days in New York per year. ABC Corporation sells sporting goods and sporting good equipment throughout the United States. All purchase orders are processed in New Jersey and shipped from a distribution...
Income statements and balance sheets follow for The New York Times Company. Refer to these financial...
Income statements and balance sheets follow for The New York Times Company. Refer to these financial statements to answer the requirements. The New York Times Company Consolidated Statements of Income Fiscal year ended (in thousands) Dec. 29, 2016 Dec. 30, 2015 Revenues Circulation $ 880,543 $ 851,790 Advertising 580,732 638,709 Other 94,067 88,716 Total revenues 1,555,342 1,579,215 Production costs Wages and benefits 363,051 354,516 Raw materials 72,325 77,176 Other 192,728 186,120 Total production costs 628,104 617,812 Selling, general and administrative...
1.( T or F ) An individual who directly owns real estate and earns net rental...
1.( T or F ) An individual who directly owns real estate and earns net rental income for the tax year January 1 – December 31, 2018 will have an effective tax rate of 29.6% on it. 2.( T or F ) Jumbo LLC, is treated as a partnership and is owned by 50% by two individuals, Rod and Tom. Jumbo LLC acquired Bighorn Center, an industrial rental property for $2 million and collects rent from tenants. When Bighorn Center’s...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange for stock, Marlene and Nancy contributed appreciated property, while Olive contributed services. The exchanges of Marlene and Nancy will be nontaxable if: Olive receives 30% of the stock Olive receives 80% of the stock Olive receives 15% of the stock Marlene and Nancy together receive 50% of the stock In June of 2018, Alice acquired her only machine for $30,000 to use in her...
‏____ 34. Jane Doe, who has substantial personal wealth and income, is considering the possibility of...
‏____ 34. Jane Doe, who has substantial personal wealth and income, is considering the possibility of starting a new business in the chemical waste management field. She will be the sole owner, and she has enough funds to finance the operation. The business will have a relatively high degree of risk, and it is expected that the firm will incur losses for the first few years. However, the prospects for growth and positive future income look good, and Jane plans...
The author describes the story of the New York Police Commissioner Bill Bratton and how he made his top management understand the problems faced by the subway users.
As a manager, you may have the power to change your organization’s policies with the stroke of a pen. And you may have the ability to hire, fire, promote and demote people with relatively little effort.But changing an entrenched culture is the toughest task you will face. To do so, you must win the hearts and minds of the people you work with, and that takes both cunning and persuasion.In their book “Blue Ocean Strategy,” W. Chan Kim and Renee...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT