Question: In Year 2 , P group has a $ 5 0 CNOL, determined by accounting for only S s items of income, gain, deduction, and

In Year 2, P group has a $50 CNOL, determined by accounting for only Ss items of income, gain, deduction, and loss.
Ss loss is not absorbed by P group in Year 2, nor can it be used as an NOL carryback to Year 1.
Ss NOL is used in Year 3 as an NOL carryforward.
In which year does P have a $50 negative basis adjustment to S stock?
Year 3
Year 1
Year 2

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