At the close of business on May 31, 2019, 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 2019?

b. What amount of the NOL carryover does Alaska acquire? In your calculation, disregard the 80% of taxable income NOL limitation.

c. Ignoring any implications of Sec. 382, what amount of Tennessee's NOL can Alaska use in 2019?

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Tax Year Ending December 31, 2016 December 31, 2017 December 31, 2018 May 31, 2019 December 31, 2019 Alaska Corp. ($100,000) 60,000 70,000 XXX 73,000 Tennessee Corp. ($95,000) 20,000 (90,000) (40,000) XXX