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The Apple Company owns 85% of Baker Company which it purchased at book value when all assets had book values equal to fair market values.
The Apple Company owns 85% of Baker Company which it purchased at book value when all assets had book values equal to fair market values. Baker does not pay dividends.
In 2023 Apple and Baker had the following;
Income before taxes (unconsolidated) Apple $1,000,000 Baker $110,000
Taxes: 10% of first 100,000 20% on next 500,000 30% beyond 600,000
REQUIRED: USING BOTH METHODS DETERMINE NCI INCOME FOR 2023
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