Using the facts from Problem 8-70 below, calculate the tax liabilities of Flying Gator and T Corporations for 2014.
In problem 8-70

How much larger (or smaller) would be the total of the two separate return tax liabilities if they were to file separate tax returns than the affiliated group€™s consolidated return tax liability? What taxes are due (or refund available) if Flying Gator made $125,000 of estimated tax payments and T Corporation made $25,000 of estimated tax payments?

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Income or Deductions Flying Gator Total Gross receipts S2,500,000 S1.250,000 S3,750,000 Cost of goods sold 1.500,000 700.000) (2.200,000 S1,550,000 150,000 Gross profit S1,000,000 S 550,000 Dividends 100,000 50,000 15,000 15,000 20,000 25,000 Interest Sec. 1231 gain Sec. 1245 gain Long-term capital gain (loss) Short-term capital gain (loss) 20,000 25,000 (5,000) 6,000 1,000 (3,000) (3,000) S1,110,000 S 648,000 S1,758,000 Total income Salaries and wages 175,000 200,000 375,000 65,000 15,000 42,000 Repairs 25,000 40,000 Bad debts 10,000 5,000 1axes 18,000 24,000 30,000 22,000 85,000 Interest 20,000 50,000 Charitable contributions 48,000 70,000 Depreciation (other than that inc luded in cost of goods sold) 40,000 125,000 Other expenses 160,000 260,000 420,000 Total deductions Separate return taxable income (before the USPAD, NOL ded., and DRD) 585.000 S 11,000 S 596,000