Peter Inc., a Kentucky corporation, owns 100 percent of Suvi Inc., a Mississippi corporation. Peter and Suvi file a consolidated federal tax return. Peter has income tax nexus in Kentucky and South Carolina; Suvi has income tax nexus in Mississippi and South Carolina. Kentucky, Mississippi, and South Carolina are separate-return states. In which states must Pete and Suvi file tax returns? Can they file a consolidated return in any states? Explain. (Hint: Use South Carolina Form SC 1120 and the related instructions.)
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