consolidated taxable income
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Free InquiryPress Corp. and Swank Corp. file a consolidated return. The companies had the following items of
income and deductions for the current year:
Press Corp. Swank Corp.
Income from operations $80,000 $40,000
Section 1231 loss (12,000) 0
Capital gain(loss) 4,000 (3,000)
What is Press and Swank’s consolidated taxable income?
A.$109,000
B.$112,000
C.$121,000
D.$124,000
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