Keep Corporation joined an affiliated group by merger in 2010. The group generated a 2014 consolidated NOL, and Keep's share of the loss was $50,000. Keep's share of the loss is included in the group's NOL carryforward to 2015.

Question

Quizplus · Accepted Answer

When a corporation joins an affiliated group, its NOLs are combined with the NOLs of the group to determine the consolidated NOL. Keep's share of the 2014 consolidated NOL is $50,000, and as a member of the affiliated group, it is included in the group's NOL carryforward to 2015. Therefore, the statement is true.

Keep Corporation Joined an Affiliated Group by Merger in 2010