42. General Corporation has $900,000 of service revenue, a $15,000 capital loss, a $20,000 casualty loss, operating
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42. General Corporation has $900,000 of service revenue, a $15,000 capital loss, a $20,000 casualty loss, operating expenses of $685,000, and a charitable contribution of $25,000.
a. Determine General’s separate taxable income.
b. What items must be determined on a consolidated basis?
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