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The 38 corporations that filed United States income tax

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

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01 Oct 2003, 17:58
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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$100 million.
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03 Oct 2003, 08:33
will go with D.
If u pick simple answers than its easier to look at the problem
Total taxable income = 100$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.
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04 Oct 2003, 04:52
TOUGH ONE!! dont know how to handle this
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05 Oct 2003, 21:08
CEO
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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
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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..
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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.
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01 Jan 2007, 16:27
I also support D. E could or could not be true.
01 Jan 2007, 16:27
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