Financial Statement Implications. P Corporation acquires all of S Corporation's stock at the beginning of the current year in a transaction that qualifies as a Sec. 382 ownership change. P and S elect to file a consolidated tax return for the current year. At the time of the acquisition, S has $900,000 of pre-2018 NOLs it has not deducted. Management esti- mates that, because of the Sec. 382 limitation, the group will be able to use only $300,000 of the NOLs before they expire. The corporate tax rate is 21%. Determine the amount of deferred tax asset and valuation allowance the group records for S's NOL