Bottoms Up$,$ Inc. merged into Flying High Corp. on August $31,2021.$ At that point Bottoms had accumulated net operating losses of $$240,000.$ Flying High's taxable income without regard to the acquisition this year is $$360,000.$ Assuming Sec. $382$ does not apply, the amount of Flying High's taxable income that can be offset with Bottoms Up's net operating loss is:a$.$$$40,000$b$.$$$120,000$c$.$$$120,329$d$.$$$240,000$