Question 31 (8 points) Explain this Problem clearly: Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information. Corporation P Corporation T Ordinary operating income (loss) $500,000 (200,000) Capital gain (loss) (8,300) 6,000 Section 1231 gain (loss) (1,000) 5,000 a. Compute each corporation's taxable income if each files a separate tax return. SOLUTION: P 499,000; T=-189,000 b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. SOLUTION: $301,700