TAX FORM/RETURN PREPARATION PROBLEM V TABLE C:8-2 Flying Gator Corporation and its 100%-owned subsidiary, T Corporation, have filed consoliCurrent Year Operating Results for Flying Gator and T Corporations (Problems C:8-65 dated tax returns for many years. Both corporations use the hybrid method of accounting and the calendar year as their tax year. During 2020 (which is the current year for this problem), they report the operating results as listed in Table C:8-2. Note the following additional information: - Flying Gator and T Corporations are the only members of their controlled group. - Flying Gator's address is 2101W. University Ave., Gainesburg, FL 32611. Its employer identification number is 38-2345678. Flying Gator was incorporated on June 11 , 2008. Its total assets are $430,000. - A $50,000 consolidated NOL carryover from the preceding year is available. The NOL is wholly attributable to Flying Gator. - Flying Gator and T use the first-in, first-out (FIFO) inventory method. T began selling inventory to Flying Gator in the preceding year, which resulted in a $40,700 deferred intercompany profit at the end of the preceding year. Flying Gator is deemed to realize this profit in the current year because it uses the FIFO method. During the current year, T sells additional inventory to Flying Gator, realizing a $300,000 profit. At the end of the current year, Flying Gator holds inventory responsible for $45,100 of this profit. - Flying Gator receives all its dividends from T. T receives all its dividends from a 60% owned domestic corporation. All distributions are from E\&P. - Flying Gator receives all its interest income from T. T pays Flying Gator the interest on March 31 of the current year on a loan that was outstanding from October 1 of the preceding year through March 31 of the current year. Flying Gator and T did not accrue any interest at the end of the preceding year because they use the hybrid method of accounting. T pays $5,000 of its interest expense to a third party. - Officer's salaries are $80,000 for Flying Gator and $65,000 for T. These amounts are included in salaries and wages in Table C:8-2. - Flying Gator's capital losses include a $9,000 long-term loss on a sale of land to T in the current year. T holds the land at year-end. - The corporations have no nonrecaptured net Sec. 1231 losses from prior tax years. - Estimated tax payments for the current year are $100,000. Determine the consolidated group's 2020 tax liability. Prepare the first page of the consolidated group's current year corporate income tax return (Form 1120). Hint: Prepare a spreadsheet similar to the one included in Appendix B to arrive at consolidated taxable income