Murray Corporation's stock is owned by about 1,000 shareholders, none of whom own more than 1% of

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Murray Corporation's stock is owned by about 1,000 shareholders, none of whom own more than 1% of the outstanding shares. Pursuant to a tender offer, Said purchased all the Murray stock for $7.5 million cash at the close of business on December 31, 2018. Before the acquisition, Said owned no Murray stock. Murray had incurred a Si million NOL in 2017 but no NOLs after that date. Murray's taxable income is expected to be $200,000 in 2019. Assuming the long-term tax-exempt federal rate is 5% and Murray continues in the same trade or business, what amount of NOLs can Murray use in 2019?

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Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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