For the tax year ended 31 March 2022, Caleb and Samuel each own 50% of the shares in Co X, which has developed an app. Co. X incurred tax losses of $80,000 for the year ended 31 March 2022. During the tax year ended 31 March 2023, Caleb and Samuel realize they need extra capital to improve the app and make further developments. Caleb sells half of his shareholding in Co X to Investor A and Samuel sells half of his shareholding in Co. X to Investor B. Co X carries on developing the app and the upgrades that are required. For the year ended 31 march 2023, Co X makes a profit of $100,000. Can the loss of Co X be carried forward to the 2023 income year? If so, what requirements need to be met? Provide calculation to support your answer and discuss with reference to relevant provisions in the Income Tax Act 2007.