3. Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the...

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3. Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information: Corporation P Corporation T Ordinary operating income (loss) $500,000 Capital gain (loss) (8,300) $(200,000) 6,000 Section 1231 gain (loss) (1,000) 5,000 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. fallowing dividando 3. Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information: Corporation P Corporation T Ordinary operating income (loss) $500,000 Capital gain (loss) (8,300) $(200,000) 6,000 Section 1231 gain (loss) (1,000) 5,000 a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. fallowing dividando