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The Trio affiliated group consists of Trio, a New Jersey corporation, and its three wholly...

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Accounting

The Trio affiliated group consists of Trio, a New Jersey corporation, and its three wholly owned subsidiaries. This year, the four corporations report the following:

Net Income (Loss)
Trio $ 422,000
Subsidiary 1 (185,000)
Subsidiary 2 394,000
Subsidiary 3 605,000

Required:

If Trio elects to file a U.S. consolidated return, compute consolidated taxable income assuming that:

  1. Subsidiary 1 is a domestic corporation, and Subsidiaries 2 and 3 are foreign corporations.
  2. Subsidiaries 2 and 3 are domestic corporations, and Subsidiary 1 is a foreign corporation.
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