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Parent, a domestic corporation, owns 100% of Block, a foreign corporation, and Chip, a domestic corporation. Parent also owns 45% of Trial, a domestic corporation.
Parent, a domestic corporation, owns 100% of Block, a foreign corporation, and Chip, a domestic corporation. Parent also owns 45% of Trial, a domestic corporation. Parent receives no distributions from any of these corporations. Which of these entities taxable income is included in parents current-year form 1120, U. S. income tax return? Parent consolidates all eligible subsidiaries for Federal income tax purposes.
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