Last year,Loss Corporation transferred all of its assets (value of $5.2 million and basis of $4.7 million)and liabilities ($1.7 million)to Gain Corporation in exchange for 40% of Gain's voting stock.Loss then liquidated.At the time of the reorganization,Loss had NOLs and excess credits that may be carried forward.For the current year,Gain has taxable income of $980,000 before considering the $375,000 NOL and $30,000 in excess credits carried to this year.If the Federal long-term tax-exempt rate was 10% at the time of the reorganization,what is the amount of NOL and credit carryovers Gain Corporation may utilize in the current year?

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The Answer of Last year,Loss Corporation transferred all of its assets (value of $5.2 million and basis of $4.7 million)and liabilities ($1.7 million)to Gain Corporation in exchange for 40% of Gain's voting stock.Loss then liquidated.At the time of the reorganization,Loss had NOLs and excess credits that may be carried forward.For the current year,Gain has taxable income of $980,000 before considering the $375,000 NOL and $30,000 in excess credits carried to this year.If the Federal long-term tax-exempt rate was 10% at the time of the reorganization,what is the amount of NOL and credit carryovers Gain Corporation may utilize in the current year?

Last Year,Loss Corporation Transferred All of Its Assets (Value of $5.2