The Group of Parent Corporation,SubOne,and SubTwo Has Filed a Consolidated

question 137

Essay

The group of Parent Corporation,SubOne,and SubTwo has filed a consolidated return since 2008.The first two entities were incorporated in 2007,and SubTwo came into existence in 2008 through an asset spin-off from Parent.Taxable income computations for the members are shown below.None of the group members incurred any capital gain or loss transactions during 2007-2010,nor did they make any charitable contributions.
Describe the treatment of the group's 2009 consolidated NOL.Hint: Apply the offspring rule.

* Consolidated return year.

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