Superb Professors

The Parent consolidated group reports the following results for the tax year.
Entity Income or Loss
Parent ……… $10,000
Sub1 ……… (1,500)
Sub2 ……… 4,000
Sub3 ……… 2,000
a. Assuming a 35% marginal tax rate, what is the group’s consolidated taxable income and consolidated tax liability?
b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3?

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