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How much of SubTwo NOL can be used this year

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Reference no: EM132647911

Problem - The Giant consolidated group includes SubTwo, which was acquired as part of a § 382 ownership change. SubTwo brought with it to the group a large NOL carryforward, $3,000,000 of which is available this year under the SRLY rules due to SubTwo's positive contribution to the group's taxable income. The § 382 limitation with respect to SubTwo is $500,000.

Required -

a. How much of SubTwo's NOL can be used this year to reduce consolidated taxable income?

b. Express this computation as a Microsoft Excel command.

 

Reference no: EM132647911

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