P and S Corporations form in Year 1, with S as P's wholly-owned subsidiary. The corporations immediately
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The group does not elect to forego any NOL carrybacks. Ignore the U.S. production activities deduction. In what years can the group deduct the Years 3 and 4 consolidated NOLs?
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Taxable Income Group Member Year 2Year3Year 4 Year Year 1 $9,000 $10,000 $(6,000) $ 20,000 $15,000 7.800) 2,000 2,000 30,000) 10,000 Consolidated taxable income (before NOL deduction)1.200 S12.000 S4.000) S(10,000) $25.000
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For the Year 3 NOL 1200 in Year 1 and 2800 in Year 2 For the Year ...View the full answer
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Related Book For
Federal Taxation 2017 Comprehensive
ISBN: 9780134421438
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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