What does NOLCO stand for?

ABC generates $3,500 taxable income in 2007, before considering its share-based compensation deduction of $3,000 (which includes a $2,000 windfall), and ABC has a $5,000 net operating loss carryover into 2007 recorded as a DTA (unrelated to prior windfalls).

For instance, in California, the net operating loss carryover limitations still apply and are not expanded by the IRC provisions.

172, which allows a deduction for the tax year of "an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss carrybacks to such year.

2 million in cash and other short-term investments, a $15 million federal net operating loss carryover, and only $59,000 of debt.

381(c)(1)(B), the acquiring corporation (Acquiring) in a tax-free asset reorganization may use the target corporation's (Target's) net operating loss carryovers in Acquiring's tax year of the acquisition only up to an amount that bears the same ratio to Acquiring's taxable income for that year as the number of days in that year after the date of the acquisition bears to the total number of days in that year; see also Sec.

5 million, before deducting the Company's REIT net operating loss carryover of approximately $7 million as of December 31, 2007.

Is it likely that the income from a conversion will not be taxed at a high rate, because of expiring net operating loss carryovers or other carryovers, higher than normal deductions, low cyclical income, etc.

This increased effective income tax rate will continue in future periods for financial reporting purposes even though the net operating loss carryovers will continue to shelter U.