P, S and T join in filing a consolidated return that has a 12/31 year end. After Year 2, under Treas. Reg. Section 1.1502-21, there is a $600 NOL allocated to T. On 6/30/Year 3, P sells all of the outstanding stock of T to an unrelated third party. Under the end of the day rule, T ceases in being a member of the consolidated group on 6/30/Year 3. On the Year 3 consolidated return (year ending 12/31), the consolidated group generates $400 of taxable income (before accounting for utilization of NOLs). What amount of NOL can T carry to its first separate return year?

$0

$200

$300

$600

$400