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How much of NOL will top be able to utilize in current year

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Question - Bottom Corp has an NOL carry forward of 2,000,000. On Jan 1, bottom is merged into top corp. and the shareholders of bottom are distributed 45% of the stock of top. Before the merger, the FMV of the stock of bottom and top were 5,000,000 and 7,000,000 respectively. How much of the NOL will top be able to utilize in the current year of the long term tax exempt rate is 6%? What will happen if shareholders of bottom are distributed 55% of the stock of top instead?

Reference no: EM132101528

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