At the close of business on May 31, 2022, Alaska Corporation exchanges $2 million of its voting common stock for all the noncash assets of Tennessee Corporation. Tennessee uses its cash to pay off its liabilities and then liquidates. Tennessee and Alaska report the following taxable income (loss):

a. What tax returns must Alaska and Tennessee file for 2022?
b. What amount of the NOL carryover does Alaska acquire?
c. Ignoring Sec. 382 limitations, what amount of Tennessee’s NOL can Alaska use in 2022? What is Alaska’s NOL carryover to 2023?

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Tax Year Ending December 31, 2019 December 31, 2020 December 31, 2021 May 31, 2022 December 31, 2022 Alaska Corp. ($100,000) 60,000 70,000 XXX 73,000 Tennessee Corp. ($95,000) 20,000 (90,000) (40,000) XXX