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| Parent Corp. and Subsidiary Corp. file consolidated returns on a calendar-year basis. In January 2011, Subsidiary sold land, which it had used in its operations, to Parent for $75,000. Immediately before this sale, Subsidiary’s basis for the land was $45,000. Parent held the land primarily for sale to customers in the ordinary course of business. In July 2012, Parent sold the land to Dubin, an unrelated individual, for $90,000. In determining the consolidated taxable income for 2012, how much should Subsidiary take into account as a result of the 2011 sale of land from Subsidiary to Parent? A. $45,000 B. $30,000 C. $15,000 D. $22,500 |