If the successor corporation's currentyear taxable income is not sufficient to utilize the full § 382 limitation on carryovers, the amount not utilized is carried forward and added to the next year's limitation.

Question

If the successor corporation's current­year taxable income is not sufficient to utilize the full § 382 limitation on carryovers, the amount not utilized is carried forward and added to the next year's limitation.

Quizplus · Accepted Answer

This statement is true. The unused § 382 limitation can be carried forward and added to the next year's limitation if the successor corporation's taxable income is not sufficient to utilize the full limitation in the current year.

If the Successor Corporation's Current­year Taxable Income Is Not Sufficient

If the Successor Corporation's Currentyear Taxable Income Is Not Sufficient