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on january 1 2010 piranto acquires 90 percent of slinton s outstanding shares financ 4240084

On January 1, 2010, Piranto acquires 90 percent of Slinton’s outstanding shares. Financial information for these two companies for the years of 2010 and 2011 follows:Assume that a tax rate of 40 percent is applicable to both companies.a. On consolidated financial statements for 2011, what are the income tax expense and the income tax currently payable if Piranto and Slinton file a consolidated tax return as an affiliated group?b. On consolidated financial statements for 2011, what are the income tax expense and income tax currently payable for each company if they choose to file separatereturns?
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On January 1 2010 Piranto acquires 90 percent of Slinton s

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