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Business, 31.03.2020 00:49 leslieneilstric

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 $ 600,000 0 Sub 1 $ 3,500,000 150,000 $ 350,000 Sub 2 4,700,000 410,000 1,175,000 If Comet and its two subsidiaries file a consolidated U. S. tax return, compute consolidated income tax. What is the aggregate tax of the group if the three corporations file separate U. S. tax returns

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