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 elimi- nations, the NOL deduction, the charitable contributions deduction, and the dividends- received deduction) for the current year of $200,000 and $250,000, respectively. These amounts include the following current year transactions and events: a. P sells land to a third party for $80,000. P purchased the land from S two years ago for $70,000. S had purchased the land five years ago for $48,000. b. P's separate taxable income includes a $12,000 dividend S paid to P. c. P sold inventory to in the previous year for which the deferred profit at the begin- ning of the current year is $5,000. S sells this inventory outside the consolidated group in the current year. P sells additional inventory to S in the current year, realizing a $100,000 profit. The intercompany profit on this unsold inventory is $8,000. d. The P-S group has a $20,000 consolidated NOL carryover available from the previous year. The NOL is wholly attributable to S. c. P and contribute cash to charities of $17,000 and $11,000, respectively. f. P receives $10,000 of dividends from corporations in which it owns less than 1% of the stock. g. Plends S$150,000 carly in the current year. S repays the loan later in the year. In addi- tion, S pays P $6,000 interest at the time of repayment. h. S carns $1,600 of tax-exempt interest income, which is not included in S's $250,000 separate return taxable income. i. Each corporation pays its portion of the consolidated tax liability. Determine the P-S group's consolidated taxable income and consolidated tax liability for the current year. What is P's basis for the stock at the end of the current year? Assume that P's basis for the stock was $1.4 million at the beginning of the current year