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Losses R US a C-Corporation joined the Team Corporation's consolidated Federal income tax return group, when Losses R Us held a $1 million NOL
"Losses R US" a C-Corporation joined the "Team Corporation's" consolidated Federal income tax return group, when Losses R Us held a $1 million NOL carryforward. In its first year as a part of the Team Corporation group, Losses R Us generated a $150,000 taxable loss. For that year, Team Corporation is thinking of deducting all of Losses R Us NOL in computing consolidated taxable income. Is it possible? Please explain in detail giving reasons. (Assume no 382 limitations apply to this case.)
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