Final answer:
Tax payable by Pear, Inc. and Plum, Inc. would be $84,000 if they file a consolidated return and $105,000 if they do not consolidate. This is based on a presumed 21% corporate tax rate applied to their combined taxable incomes after accounting for Pear's net operating loss.
Step-by-step explanation:
When calculating the current year tax for Pear, Inc. and Plum, Inc., we must consider whether they file a consolidated return or not. If they file consolidated, Pear's $100,000 net operating loss could offset Plum's $500,000 of taxable income, resulting in a consolidated taxable income of $400,000. Using the reference to a corporate tax rate structure, this income would be taxed at a 34% flat rate, leading to a tax payment of $136,000. However, ignoring the corporate tax rate given in the reference, if we suppose a flat rate of 21% applies (the current U.S. federal corporate tax rate), then the tax would be $84,000 if consolidated.
If they do not consolidate, Pear would pay no tax due to no taxable income, and Plum would pay tax on the full $500,000 of taxable income. At a 21% corporate tax rate, Plum would owe $105,000. Therefore, the correct answer is $84,000 if consolidated; $105,000 if not consolidated.