p corporation acquires all of s corporation stock on

Ignore the Sec. 382 loss limitation that might apply to P acquisition of S, and ignore the U.S. production activities deduction.
a. What are the Year 2 tax consequences if P and S file a consolidated tax return? What are the Year 2 tax consequences if P and S instead file separate tax returns?
b. What are the Year 3 tax consequences if P and S file consolidated returns for Years 2 and 3?

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