Corporation is a profitable publicly traded corporation. None of its shareholders owns more than 1% of its outstanding shares. On December 31, 2021, Hugh exchanged $ 7.5 million of its stock for all the stock of Galvan Corporation as part of a merger. Galvan is owned by Brigitte, who receives 15% of the Hugh stock as part of the reorganization. Brigitte owned none of the Hugh stock before the merger. Galvan accumulated $ 4.5 million in NOL carryovers in post-2017 years prior to the merger. Hugh expects to earn $1 million in taxable income during 2022. Requirement Assuming the long-term tax-exempt federal rate is 3.5%, what amount of NOLs can Hugh use in 2022. What amount carries over to 2023? Assuming the long-term tax-exempt federal rate is 3.5%, what amount of NOLs can Hugh use in 2022. What amount carries over to 2023