Trivia

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Thank you to everyone who participated in last week’s trivia question!

Last Week’s Question:
What was the first state to adopt a single-factor sales factor formula for apportioning an interstate corporation’s income for state income tax purposes?

The Answer:
The Multistate Tax Compact was drafted in 1966 and became effective, according to its own terms,…

Thank you to everyone who participated in last week’s trivia question!

Last Week’s Question:
What was the first state to adopt a single-factor sales factor formula for apportioning an interstate corporation’s income for state income tax purposes?

The Answer:
In 1911, Wisconsin was the first state to formally enact a tax on corporations based on…

Thank you to everyone who participated in last week’s trivia question!

Last Week’s Question:
What was the first state to adopt a single-factor sales factor formula for apportioning an interstate corporation’s income for state income tax purposes?

The Answer:
Iowa. In Moorman Mfg. Co. v. Bair, 437 U.S. 267 (1978), the U.S. Supreme Court held…

Thank you to everyone who participated in last week’s trivia question!

Last Week’s Question:
The Internal Revenue Service was created by which U.S. President?

The Answer:
In July 1862, President Abraham Lincoln and Congress passed the Revenue Act of 1862, creating the office of Commissioner of Internal Revenue and enacting a temporary income tax to…