The corporation being acquired has unused net operating losses, capital losses or tax credit carry-overs
1374, loss of net operating loss carry-overs
, and the inventory LIFO recapture tax.
Some are carry-overs
from the past year or years; others present new challenges.
It is the result of $160 million in department savings; $48 million in additional vehicle license fee revenues; $51 million in extra property taxes from the real estate market; $22 million in increased sales tax revenues from a statewide public safety proposition; and $28 million in carry-overs
from capital projects not completed last fiscal year.
Airport projects from Fairbanks to Barrow will tally up to about $50 million for 2003, of which $40 million will come from 2002 carry-overs
As a result, the company has $24 million in net loss carry-overs
Universal -- which opened 21 pics last year, 24 including carry-overs
-- finished No.
If the debt discharged is qualified farm debt, discharge of indebtedness income is excluded to the extent the taxpayer can offset the income by reducing the basis of the properties, reducing NOL and capital loss carry-overs
, and reducing foreign tax credits and general business credit carry-overs