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    Consolidated Taxable Income Calculation

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    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.

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    Calculation of consolidated taxable income
    Step 1: Calculate taxable income for each consolidated member
    Heuer taxable income = $933,200
    MRH taxable income = - ...

    Solution Summary

    This solution assists with the consolidated taxable income calculation.