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How much Whitney Corporation save in Federal income taxes

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Reference no: EM132646887

Problem - Whitney Corporation acquires Jessamine Corporation. Prior to the merger, Jessamine accumulated a $12 million NOL. After the reorganization, Whitney generates $30 million of taxable income. Whitney is subject to a marginal state and Federal tax rate of 25%; the § 382 limitation does not apply.

Required - How much does Whitney Corporation save in Federal income taxes by being able to utilize Jessamine's NOL carryover?

Reference no: EM132646887

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