Tennis Pro, a Virginia corporation domiciled in Virginia, has the following items of income: $5,000 of dividend income, $15,000 of interest income, $10,000 of rental income from Georgia property, and $30,000 of royalty income for an intangible used in Maryland (where income tax nexus exists). Determine how much income is allocated to Virginia.
What will be an ideal response?
$20,000.
$5,000 of dividend income and $15,000 of interest income.
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Indicate whether the statement is true or false
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What will be an ideal response?