The Parent Consolidated Group Reports the Following Results for the Tax

question 112

Essay

The Parent consolidated group reports the following results for the tax year. Determine each member's share of the consolidated tax liability, assuming that all members have consented to use the relative taxable income tax-sharing method. Dollar amounts are listed in millions, and a 21% income tax rate applies to all of the entities. $$\begin{array} { | l | c | c | c | c | c | } \hline & \text { Parent } & \text { SubOne } & \text { SubTwo } & \text { SubThree } & \text { Consolidated } \\\hline \text { Ordinary income } & \$ 600 & \$ 200 & \$ 60 & ( \$ 30 ) & \$ 830 \\\hline \text { Capital gain/loss } & - 0 - & - 0 - & 20 & ( 5 ) & 15 \\\hline \S 1231 \text { gain/loss } & \underline { 130 } & \underline { - 0 - } & \underline { ( 55 ) } & \underline { - 0 - } & \underline { 75 } \\\hline\end{array}$$

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