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ParentCo and SubCo report the following items of income and deduction for the current year. ParentCo's SubCo's Taxable Item Taxable Income Income Income (loss) from
ParentCo and SubCo report the following items of income and deduction for the current year.
| ParentCo's | SubCo's Taxable | |
| Item | Taxable Income | Income |
| Income (loss) from operations | $100,000 | $10,000 |
| 1231 loss | (10,000) | |
| Capital gain | 12,000 | |
| Charitable contribution | 20,000 | 1,000 |
Compute ParentCo and SubCo's 2022 consolidated taxable income or loss.
a. $91,000
b. $122,000
c. $100,800
d. $112,000
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Her Majestys Auditor An Adventure Novel With Steampunk Elements
Authors: Markus Pfeiler
1st Edition
164953339X, 978-1649533395
