Q:7) Parent co and Subco have filed consolidate returns since year 2. Both entities were incorporated in year 1. Ignore any tax attributes like charitable deductions, short-term long-term losses etc. Taxable income computation for the members is listed below: Year 1 Parent's Taxable Income Subco's Taxable income $100,000 ($50,000) $200,000 ($20,000) $300,000 $40,000 $400,000 $50,000 Consolidated Taxable income Not applicable $180,000 2 3 ? 4 ? a) How much of Subco's SRLY NOL is allowed on the Consolidated tax return of year 3? Page 2 of 3 b) How much of Subco's SRLY NOL is allowed on the Consolidated tax return of Year 4