Continue with the facts of Problem 34.
a. Assume instead that JuniorCo’s tax year 2 produced a $6 million NOL.
b. Same as part (a), except that JuniorCo’s tax year 2 produced a $40 million NOL.
c. Continue with the facts of part (b). Express as a Microsoft Excel command the computation of Senior’s excess loss account as of the end of each of the tax years discussed.

Problem 34

Tax Year .........................Taxable Income
1 ..........................................$ 4 million
2 ...........................................12 million
3 ............................................15 million