Check GMAT Club Decision Tracker for the Latest School Decision Releases https://gmatclub.com/AppTrack
GMAT Club

 It is currently 22 Mar 2017, 23:19

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

The 38 corporations that filed United States income tax

Author Message
TAGS:

Hide Tags

CEO
Joined: 15 Aug 2003
Posts: 3460
Followers: 67

Kudos [?]: 871 [0], given: 781

The 38 corporations that filed United States income tax [#permalink]

Show Tags

01 Oct 2003, 17:58
00:00

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 0% (00:00) wrong based on 0 sessions

HideShow timer Statistics

2. The 38 corporations that filed United States income tax returns
showing a net income of more than $100 million accounted for 53 percent of the total taxable income from foriegn sources reported on all tax returns. Sixty percent of the total taxable income from foriegn sources came from the 200 returns reporting income from 10 or more countries. If the statements above are true, which of the following must also be true? A. Most of the total taxable income earned by corporations with net income above$100 million was earned from foriegn sources.
B. Wealthy individuals with large personal incomes reported 47
percent of the total taxable income from foriegn sources.
C. Income from foreign sources amounted to between 53 and 60
percent of all reported taxable income.
D. Some of the corporations with net income above $100 million reported income from 10 or more countries. E. Most of the taxable returns showing income from 10 or more countries reported net income of more than$100 million.
If you have any questions
New!
Senior Manager
Joined: 22 Aug 2003
Posts: 257
Location: Bangalore
Followers: 1

Kudos [?]: 12 [0], given: 0

Show Tags

03 Oct 2003, 08:33
will go with D.
If u pick simple answers than its easier to look at the problem
Total taxable income = 100$Contribution from more 100mil$ of income = 53$------a Contribution from 10 or more countries = 63$ ----------b
Its clear (63 + 53) < 100
Thus there is an overlap between a & b, which is stated in D.
Praet kindly let me know of correct answer, so that i am clear whether this approach (recently discovered) is correct.
Intern
Joined: 17 Sep 2003
Posts: 30
Location: Mumbai,India
Followers: 0

Kudos [?]: 0 [0], given: 0

Show Tags

04 Oct 2003, 04:52
TOUGH ONE!! dont know how to handle this
Senior Manager
Joined: 22 Aug 2003
Posts: 257
Location: Bangalore
Followers: 1

Kudos [?]: 12 [0], given: 0

Show Tags

05 Oct 2003, 21:08
CEO
Joined: 15 Aug 2003
Posts: 3460
Followers: 67

Kudos [?]: 871 [0], given: 781

Show Tags

06 Oct 2003, 14:30
Vicky wrote:

But a very brilliant friend of mine pointed out that D should be the answer.

Vicks, i think 63 should be 60..was that a typo?

Thanks

praetorian
Senior Manager
Joined: 04 Nov 2006
Posts: 267
Location: California
Followers: 1

Kudos [?]: 200 [0], given: 0

Show Tags

22 Dec 2006, 03:42
I chose D... but OA is E..

how can one say most of the 10-12..... have 100
million..

D makes more sense..
Senior Manager
Joined: 17 Aug 2005
Posts: 391
Location: Boston, MA
Followers: 2

Kudos [?]: 96 [0], given: 0

Show Tags

22 Dec 2006, 10:26

E cant be right. Most? How much is most? We know that there is overlap between the income from 10 or more countries and income over \$100mm

This is a tough question. I wonder what the source is.
Senior Manager
Joined: 24 Nov 2006
Posts: 350
Followers: 1

Kudos [?]: 26 [0], given: 0

Show Tags

01 Jan 2007, 16:27
I also support D. E could or could not be true.
01 Jan 2007, 16:27
Similar topics Replies Last post
Similar
Topics:
9 Evaluate 2: Income Tax fraud 18 10 Feb 2013, 23:18
18 When Americans filed their tax returns this year, the United 14 08 Oct 2012, 07:50
Income Tax 4 21 Mar 2011, 05:12
1 The 38 corporations that filed United States income tax 14 22 Sep 2009, 02:21
1 When Americans filed their tax returns this year, the United 9 21 May 2008, 08:26
Display posts from previous: Sort by