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Alcoa Corporation joined the Steels R US consolidated Federal income tax return group, when Alcoa held a $1 million NOL carryforward. In its first year
Alcoa Corporation joined the Steels R US consolidated Federal income tax return group, when Alcoa held a $1 million NOL carryforward. In its first year as a part of the Steels R US group, Alcoa generated a $150,000 taxable loss. For that year, can Steels R US deduct any of Alcoas NOL in computing consolidated taxable income? Please explain.
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