Using the facts from Problem 8-70 below, calculate the tax liabilities of Flying Gator and T Corporations for 2012. 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?
In problem 8-70

Income or Deductions $1,250,000 1.500,000)700,000) 2.200,000) 1,550,000 Sec 1231 gain Sec 1245 gain Long-term capital gain (loss) Short-term capital gain (loss) Total income wages Charitable contributions Depreciation (other than that induded in cost of goods sold) Total deductions $1.162,000 Separate return taxable income (before the USPAD, NOL ded., and DRD)