Corporation F Owns 95 Percent of the Outstanding Stock of CorporationG

Corporation F owns 95 percent of the outstanding stock of CorporationG. This year, the corporations' records provide the following information: $$\begin{array} { l r r } & \text { Corporation F } & \text { Corporation } G \\\text { Ordinary income (loss) } & \$ ( 500,000 ) & \$ 800,000 \\\text { Capital gain (loss) } & 15,000 & ( 20,000 ) \\\text { Section } 1231 \text { gain (loss) } & 4,000 & ( 3,000 )\end{array}$$ $$\begin{array} { l r r } & \text { Corporation F } & \text { Corporation } G \\\text { Ordinary income (loss) } & \$ ( 500,000 ) & \$ 800,000 \\\text { Capital gain (loss) } & 15,000 & ( 20,000 ) \\\text { Section } 1231 \text { gain (loss) } & 4,000 & ( 3,000 )\end{array}$$ a. Compute each corporation's taxable income if they file separate tax returns.
b. Compute consolidated taxable income if Corporation F and Corporation G file a consolidated tax return.