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Corporations P, S, and T have the following income and expenses for 2020. In addition, Corporation P is owned 100% by individual A.Corporation S is
Corporations P, S, and T have the following income and expenses for 2020. In addition, Corporation P is owned 100% by individual A.Corporation S is owned 100% by P.Corporation T was newly purchased on January 12, 2020, by P and S who each own a 50% interest. All corporations keep their books on a calendar year. Corporation S has a capital loss carryforward of $7,000 while Corporation T has a net operating loss carryforward of $30,000 from a separate return year. tax rate 21%.
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