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What is m state taxable income for m corporation

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Reference no: EM132883130

Problem 1: M Corporation's federal taxable income for the current year is $100,000. Such amount includes $10,000 of interest on U.S. government obligations and excludes $6,000 of interest on state and local obligations. M deducted $3,000 of state income taxes in arriving at federal taxable income. M is taxable only in State A. State A allows a deduction for interest incurred on federal obligations, taxes all municipal bond interest and disallows a deduction for state income taxes. What is M's state taxable income?

Reference no: EM132883130

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