Kim Corporation, a calendar year taxpayer, has manufacturing facilities in States A and B. A summary of Kim’s property holdings follows.
| State A Don't use plagiarized sources. Get Your Custom Essay on kim corporation a calendar year taxpayer has manufacturing facilities in states a an 699309 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! | State B | Total | |
| Inventory | $ 300,000 | $ 200,000 | $ 500,000 |
| Plant and equipment | 2,500,000 | 1,500,000 | 4,000,000 |
| Accumulated depreciation: |
|
| |
| plant and equipment | (1,000,000) | (600,000) | (1,600,000) |
| Land | 600,000 | 1,000,000 | 1,600,000 |
| Rental property* | 900,000 | 300,000 | 1,200,000 |
| Accumulated depreciation: rental property | (200,000) | (90,000) | (290,000) |
| End of Year | |||
| State A | State B | Total | |
| Inventory | $ 400,000 | $ 200,000 | $ 600,000 |
| Plant and equipment | 2,800,000 | 1,200,000 | 4,000,000 |
| Accumulated depreciation: |
|
| |
| plant and equipment | (1,200,000) | (650,000) | (1,850,000) |
| Land | 600,000 | 1,200,000 | 1,800,000 |
| Rental property* | 1,000,000 | 300,000 | 1,300,000 |
| Accumulated depreciation: rental property | (250,000) | (100,000) | (350,000) |
Determine Kim’s property factors for the two states assuming that the statutes of both A and B provide that average historical cost of business property is to be included in the property factor.
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