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Wave corporation owns 90% of the stock of surf, inc. each corporation reports the following separate items for the current tax year. Calculate the consolidate
Wave corporation owns 90% of the stock of surf, inc. each corporation reports the following separate items for the current tax year.
Calculate the consolidate taxable income
Wave Surf
Ordinary operating income (loss): (500,000) ($100,000)
(Capital gain (loss: . (5,000) (7000)
400,000
395.000
410,000
402,000
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