P Corporation purchased an 80% interest in S Corporation on January 1, 2013, at book value for $300,000.S's net income for 2013 was $90,000 and no dividends were declared.On May 1, 2013, P reduced its interest in S by selling a 20% interest, or one-fourth of its investment for $90,000.What will be the Consolidated Gain on Sale and Subsidiary Income Sold for 2013?

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The Answer of P Corporation purchased an 80% interest in S Corporation on January 1, 2013, at book value for $300,000.S's net income for 2013 was $90,000 and no dividends were declared.On May 1, 2013, P reduced its interest in S by selling a 20% interest, or one-fourth of its investment for $90,000.What will be the Consolidated Gain on Sale and Subsidiary Income Sold for 2013?

P Corporation Purchased an 80% Interest in S Corporation on January