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Problem 8-33 (LO. 5) The Chief consolidated group reports the following results for the tax year. Dollar amounts are listed in millions. Parent SubOne SubTwo

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Problem 8-33 (LO. 5) The Chief consolidated group reports the following results for the tax year. Dollar amounts are listed in millions. Parent SubOne SubTwo SubThree Consolidated $600 $200 $140 $850 (590) (25) 0 60 135 Ordinary income Capital gain/loss $ 1231 gain/loss Separate taxable income 250 0 (50) 0 200 $850 $200 $150 ($90) with a $25 capital loss carryover Consolidated taxable income $1,085 $228 Consolidated tax liability Energy tax credit from SubOne (20) $208 Net tax due Determine each member's share of the consolidated tax liability, assuming that the group members have adopted the relative tax liability tax-sharing method. Enter amounts in millions. When required, round any division to four decimal places and round your final answer to the nearest million. If an amount is zero, enter "O". Determine each member's share of the consolidated tax liability, assuming that the group members have adopted the relative tax liability tax-sharing method. Enter amounts in millions. When required, round any division to four decimal places and round your final answer to the nearest million. If an amount is zero, enter "O". Allocated Tax Due Parent 147.33 X million SubOne 34.67 X million SubTWO 26.00 X million SubThree 0.00 million Total $208 million

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