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Problem - Comet operates solely within the United States. It owns two subsidiaries conducting business in the United States and several foreign countries. Both subsidiaries are U.S. corporations. This year, the three corporations report the following:
Foreign Source Income
U. S. Source Income
Foreign Income Tax Paid
Comet
0
$800,000
Sub 1
$4,050,000
196,000
$394,000
Sub 2
4,190,000
612,500
1,285,000
Required -
a. If Comet and its two subsidiaries file a consolidated U.S. tax return, compute consolidated income tax.
b. What is the aggregate tax of the group if the three corporations file separate U.S. tax returns?
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