Please help with the CTI (consolidated taxable income) calculation.
Heuer formed MRH in 1990 and has owned 100 percent of its stock since the formation. This year, the two corporations filed their first consolidated return. Heuer had separate taxable income of $933,200. MRH had a separate taxable loss of $157,000 and a $267,890 NOL carryforward into the year. Based on this information, compute CTI.
Calculation of consolidated taxable income
Step 1: Calculate taxable income for each consolidated member
Heuer taxable income = $933,200
MRH taxable income = - ...
This solution assists with the consolidated taxable income calculation.