ParentCo owns all of the stock of DaughterCo, and the group files its Federal income tax returns on a consolidated basis. Both taxpayers are subject to the AMT this year due to active operations in oil and gas development. No intercompany transactions were incurred this year. If the affiliates filed separate returns, they would report the following amounts. Adjusted Current Earnings (ACE) $1,600,000 AMT Income Before the ACE Adjustment $1,000,000 Company ParentCo DaughterCo Totals 250,000 400,000 $1,850,000 $1,400,000 How does the consolidation election affect the overall AMT liability of the group? If an amount is zero, enter "o". for Daughterco a. If the election to consolidate is not made, ACE adjustment for ParentCo is b. If the election to consolidate is made, the Group ACE adjustment is c. What is the AMT exemption allowed if separate returns are filed? and ParentCo: $ DaughterCo: d. What is the AMT exemption if a consolidated return is filed? Therefore, election to consolidate reduces the group liability by