Corporation P owns 100 percent of Corporation S.During the year, P sold land to S for $50,000 that had a basis of $25,000 and S purchased $30,000 of materials from P that P paid $20,000 for.P reported separate income of $200,000 and S reported separate income of $30,000.What is the income that Corporation P reports on its consolidated tax return?

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The Answer of Corporation P owns 100 percent of Corporation S.During the year, P sold land to S for $50,000 that had a basis of $25,000 and S purchased $30,000 of materials from P that P paid $20,000 for.P reported separate income of $200,000 and S reported separate income of $30,000.What is the income that Corporation P reports on its consolidated tax return?

Corporation P Owns 100 Percent of Corporation S