P and S Corporations form in Year 1, with S as Ps 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 Year1 Year 2 Year 3 Year 4 Year 5 S9,000 S10,000 S(6,000) S 20,00 S15,000 (7800) | 2000 | 2000 Group Member (30,000 10,000 Consolidated taxable income (before NOL deduction) 00 S12.000 S14.000 S10.000 $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 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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