Old Corporation has suffered losses for several years, and its debts total $500,000, Old's assets are valued at only $390,000 Otd's creditors agree to reduce Olds debts by one half in order to permt the corporstion to continue to operate Old's N0L Carryover is $150,000 Requirements a. What imgact does the reduction in debt have on Olu's NOL? b. Is Old required to tepoit any incoene? Requirement a. What imbact does the reduction in debt have an Cufs Not