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:

Bone Tissue

Bone tissue is a type of connective tissue that forms the skeleton of the body, providing structure, protection, and lever support for muscle action.

Epiphyseal Plate

A layer of cartilage at the end of long bones where new bone growth (ossification) occurs in growing individuals.

Parathyroid Hormone

A hormone secreted by the parathyroid glands that regulates the metabolism of calcium and phosphorus in the body.

Vitamin D

A fat-soluble vitamin essential for the regulation of calcium and phosphate in the body, important for healthy bones, teeth, and muscles.