The group of Parent Corporation, SubOne, and SubTwo has filed a consolidated return since 2013. The first two entities were incorporated in 2012, and SubTwo came into existence in 2013 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 2012-2015, nor did they make any charitable contributions.
Describe the treatment of the group's 2014 consolidated NOL. Hint: Apply the offspring rule.
* Consolidated return year.
Definitions:
Income
The proceeds gained, frequently on an ongoing basis, from professional work or capital allocations.
Pork Chops
Pork chops are cuts of meat from the pig, situated perpendicular to the spine, and are among the most popular pork cuts in various cuisines.
Lamb Chops
Cuts of meat from the rib, loin, or shoulder of a lamb, often grilled, broiled, or roasted.
Normal Good
A good for which demand increases as consumer income rises, holding everything else constant.
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