C12-Chp-08-3P-Advantages-of-Consolidated Returns

C12-Chp-08-3P-Advantages-of-Consolidated Returns -...

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Unformatted text preview: Tab:Problem-1 File: 289f80ee39d623553992f6a4f79a2c49be29b30f.xls Parent Local Corp. Total Sales $900,000 $600,000 Cost of Sales (400,000) (400,000) Gross Profit 500,000 200,000 Operating Expenses (300,000) (100,000) Net Operating Income 200,000 100,000 300,000 Charitable Contributions-Actual (40,000) Separate Returns Parent Local Corp. Total Net Operating Income-Above $200,000 $100,000 $300,000 Charitable Contributions-Actual Charitable Contributions-Deductible (Deduction Limited to 10% of TI) Taxable Income-Separate Returns Total Taxable Income-Both Corp. Consolidated Returns Consolidated Net Operating Income-Above $200,000 $100,000 $300,000 Charitable Contributions-Actual Charitable Contributions-Deductible (Deduction Limited to 10% of TI) Consolidated taxable income Tab:Solution-1 File: 289f80ee39d623553992f6a4f79a2c49be29b30f.xls Parent Local Corp. Total Sales $900,000 $600,000 Cost of Sales (400,000) (400,000) Gross Profit 500,000 200,000 Operating Expenses (300,000) (100,000) Net Operating Income...
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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C12-Chp-08-3P-Advantages-of-Consolidated Returns -...

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