ParentCo purchased all of the stock of SubCo on January 2,2009,and the two companies filed consolidated returns for 2009 and thereafter.Both entities were incorporated in 2008.Taxable income computations for the members include the following.Neither group member incurred any capital gain or loss transactions during these years,nor did they make any charitable contributions.No § 382 limit applies.

Assuming that no election is made to forgo the carryback,to what extent are SubCo's 2008 losses used by the group in 2009-2011?

Question

ParentCo purchased all of the stock of SubCo on January 2,2009,and the two companies filed consolidated returns for 2009 and thereafter.Both entities were incorporated in 2008.Taxable income computations for the members include the following.Neither group member incurred any capital gain or loss transactions during these years,nor did they make any charitable contributions.No § 382 limit applies.

Assuming that no election is made to forgo the carryback,to what extent are SubCo's 2008 losses used by the group in 2009-2011?

Quizplus · Accepted Answer

The Answer of ParentCo purchased all of the stock of SubCo on January 2,2009,and the two companies filed consolidated returns for 2009 and thereafter.Both entities were incorporated in 2008.Taxable income computations for the members include the following.Neither group member incurred any capital gain or loss transactions during these years,nor did they make any charitable contributions.No § 382 limit applies.

Assuming that no election is made to forgo the carryback,to what extent are SubCo's 2008 losses used by the group in 2009-2011?

ParentCo Purchased All of the Stock of SubCo on January