Question
Child Corporation joined the Thrust consolidated group in year 1. At the time it joined the group, Child held a $2,000,000 NOL carryforward. On a
Child Corporation joined the Thrust consolidated group in year 1. At the time it joined the group, Child held a $2,000,000 NOL carryforward. On a consolidated basis, the members of Thrust generated significant profits for many years. The 382 rules do not apply to the group.
Child's operating results during the first few consolidated return years were as follows:
|
Can the Thrust consolidated group carry back any of the NOL that Child brought into the group? (Yes / No)
Compute the amount of Child's NOLs that is deductible against the consolidated taxable income for the following years:
If an amount is zero, enter "0".
Year 1 | $____________ |
Year 2 | $____________ |
Year 3 | $____________ |
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