Maples Corp., whose outstanding stock

is worth $4 million, has a net operating

loss carryforward of $1 million. Maples is

owned 45 percent by Alan and 55 percent

by Cline, who are otherwise unrelated.

Because of their managerial differences, it

has been decided that Maples will redeem all

of Clines stock in exchange for $2.2 million

of cash on December 31, 2015. Assuming

the long-term tax-exempt rate is 3 percent,

what amount of the net operating loss may

Maples Corp. use to offset its taxable income

for calendar-year 2016?