Puddle Corporation owns 100% of Splash Corporation. Puddle reports on the cash

basis and Splash reports on the accrual basis. Their tax information for the current year is as

follows:

Puddle taxable income $ 188,000

Splash loss($ 62,000)

Puddles income includes a $5,000 Section 1231 gain and a charitable contribution deduction

of $15,000. Splashs loss includes a short-term capital loss of ($3,300). Splash paid a dividend

to Puddle of $18,000. Puddle recorded dividend income and a dividends-received deduction.

Compute the consolidated taxable income for the year.