Unformatted text preview: group this year. Additional inventory was sold by Pluto to Saturn this year. Some of this inventory remained unsold at year-end. The intercompany profit on the unsold inventory is $40,000. • Saturn received an $8,000 dividend from Moon Corporation (less than 20% ownership). • Pluto received $25,000 in dividends from Saturn this year. • Pluto and Saturn made charitable contributions of $20,000 and $9,000, respectively, this year. • Pluto has an NOL carryforward of 10,000. Required: (a) Compute Pluto & Saturn’s separate taxable income. (b) Compute Pluto & Saturn’s consolidated income....
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This note was uploaded on 09/09/2011 for the course TAX 5015 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.
- Spring '08