Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the corporations records provide the following information:

	Corporation P	Corporation T
Ordinary operating income (loss)	$ 730,000	$ (315,000)
Capital gain (loss)	(7,600)	8,300
Section 1231 gain (loss)	(2,250)	8,400

Required:

1. Compute each corporations taxable income if each files a separate tax return.
2. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return.