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How will the consolidated tax liability be allocated

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Reference no: EM132836472

The Parent consolidated group reports the following results for the tax year.

Entity             Income or Loss

Parent              $55,200

Sub1               (5,520)

Sub2                  22,080

Sub3       11,040

Problem a. What is the group's consolidated taxable income and consolidated tax liability?

Problem b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3?

Reference no: EM132836472

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