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comprehensive problem C: 8-67 P and S Corporations have filed consolidated tax returns for ten years. P and S use the accrual method of accounting,
comprehensive problem C: 8-67
P and S Corporations have filed consolidated tax returns for ten years. P and S use the
accrual method of accounting, and they use the calendar year as their tax year. P and S report separate return taxable income (before any consolidation adjustments and eliminations, the NOL deduction, the charitable contributions deduction, and the dividendsreceived deduction) for the current year of $200,000 and $250,000, respectively. These amounts include the following current year transactions and events:
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