Alpha Corporation owns 100% of Beta Corporation. Beta Corporation owns 100% of Omega Corporation that has a NOLCO. Omega Corporation is merged with Beta Corporation. Which of the following statements is correct? Omega Corporation’s NOLCO can be used by it to the exclusion of all other parties. Omega Corporation’s NOLCO can no longer be used. Omega Corporation’s NOLCO is transferred to Alpha Corporation. Omega Corporation’s NOLCO is transferred and can be used by Beta Corporation.

Alpha Corporation owns 100% of Beta Corporation. Beta Corporation owns 100% of Omega Corporation that has a NOLCO. Omega Corporation is merged with Beta Corporation. Which of the following statements is correct? Omega Corporation’s NOLCO can be used by it to the exclusion of all other parties. Omega Corporation’s NOLCO can no longer be used. Omega Corporation’s NOLCO is transferred to Alpha Corporation. Omega Corporation’s NOLCO is transferred and can be used by Beta Corporation.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 25CE

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