Vital Corp. is an accrual-basis, calendar-year C corporation. Its year 2 reported book income before federal income taxes was $500,000. Included in that amount were the following items:

• Year 1 state franchise tax refund: $50,000
• Municipal bond interest income: 7,500

What should be the amount of Vital's year 2 taxable income as reconciled on Vital's Schedule M-1 of Form 1120, U.S. Corporation Income Tax Return?

Vital Corp. is an accrual-basis, calendar-year C corporation. Its year 2 reported book income before federal income taxes was $500,000. Included in that amount were the following items:

• Year 1 state franchise tax refund: $50,000
• Municipal bond interest income: 7,500

What should be the amount of Vital's year 2 taxable income as reconciled on Vital's Schedule M-1 of Form 1120, U.S. Corporation Income Tax Return?

Under consolidation rules between a corporation and a 100% owned subsidiary, the Dividends Received Deduction percentage would be:

Sunshine Corp., a wholly owned subsidiary of Pierpoint Corp., purchased land from Pierpoint for its fair market value of $10,000 on January 1 of the previous tax year. Pierpoint's adjusted basis of the land on the date of sale was $8,000. During the current tax year, Sunshine sold the land for $9,000 to an unrelated taxpayer. What gain or loss will be reported on a consolidated tax return filed by Sunshine and Pierpoint for the current tax year?

Of the following, which groups may elect to file a consolidated corporate return?

The private foundation status of an exempt organization will terminate if it:

Under consolidation rules between a corporation and a 100% owned subsidiary, the Dividends Received Deduction percentage would be:

Sunshine Corp., a wholly owned subsidiary of Pierpoint Corp., purchased land from Pierpoint for its fair market value of $10,000 on January 1 of the previous tax year. Pierpoint's adjusted basis of the land on the date of sale was $8,000. During the current tax year, Sunshine sold the land for $9,000 to an unrelated taxpayer. What gain or loss will be reported on a consolidated tax return filed by Sunshine and Pierpoint for the current tax year?

Of the following, which groups may elect to file a consolidated corporate return?

The private foundation status of an exempt organization will terminate if it: