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Parent Corporation's current-year taxable income included $377,400 net income from operations and a $37,740 net long-term capital gain. Parent also made a $18,870 charitable contribution.
Parent Corporation's current-year taxable income included $377,400 net income from operations and a $37,740 net long-term capital gain. Parent also made a $18,870 charitable contribution. SubCo generated $169,830 income from operations and incurred a $7,548 short-term capital loss.
a.How much is Parent's separate taxable income?
Parent's separate taxable income is $.
b.How much is SubCo's separate taxable income?
SubCo's separate taxable income is $.
c.How much is consolidated taxable income?
The consolidated taxable income is $.
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