LO.8 Cougar, Jaguar, and Ocelot Corporations have filed on a consolidated, calendar year basis for many years.
Question:
LO.8 Cougar, Jaguar, and Ocelot Corporations have filed on a consolidated, calendar year basis for many years. At the beginning of the 2012 tax year, the group elects to deconsolidate.
The group’s $6 million NOL carryforward can be traced in the following manner: one-half to Cougar’s operations and one-quarter each to Jaguar’s and Ocelot’s.
How will Ocelot treat the NOL on its 2012 separate tax return?
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Related Book For 
South Western Federal Taxation 2013 Corporations Partnerships Estates And Trusts
ISBN: 9781133495574
36th Edition
Authors: William H. Hoffman, William A. Raabe, James E. Smith, David M. Maloney
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