ParentCo and SubCo Had the Following Items of Income and Deduction

Multiple Choice

ParentCo and SubCo had the following items of income and deduction for the current year. $$\begin{array} { l c c } & \text { ParentCo's } & \text { SubCo's Taxable } \\\text { Item } & \text { Taxable Income } & \text { Income } \\\text { Income (loss) from Operations } & \$ 100,000 & ( \$ 10,000 ) \\\S 1231 \text { Loss } & ( 5,000 ) & \\\text { Capital Gain }&& 15,000\\\text { Charitable Contribution } & 12,000 \end{array}$$ Compute ParentCo and SubCo's consolidated taxable income or loss.

A) $81,000
B) $88,000
C) $90,000
D) $90,500