When the Holloway Trust Terminated This Year, It Held a $1

question 62

Essay

When the Holloway Trust terminated this year, it held a $1 million NOL carryforward. How is the loss carryforward treated? Does it expire with the trust or can another taxpayer use it? Be specific.

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Definitions:

Echo Boomers

Another term for Millennials, referring to the generation born roughly between the early 1980s and late 1990s, seen as the demographic echo of the Baby Boomers.

Generation X

The demographic cohort following the baby boomers and preceding the millennials, generally born between the mid-1960s and early 1980s.

Generation Z

The demographic cohort following Millennials, generally born between the late 1990s and early 2010s, characterized by their use of technology and progressive attitudes.

Furloughing

A situation in which an organization asks or requires employees to take time off for either no pay or reduced pay.