Mr Cooper Group Inc (COOP)

[Evintos]

If WMIH Corp with an operating business has a $1 Billion cash profit (year 2016) - simple answer is the $1 Billion is considered $0 income taxed at federal and state corporate tax rates for 2016.
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Tax Savings
The $1 Billion would be subject to corporate tax rate at state (depends on state of which Delaware has 8.7% flat rate) and of course federal levels (federal corporate tax is not flat rate so lots of math).

$87,000,000 - State Corporate Tax (Delaware)
$349,999,999.99 - Federal Corporate Tax total after calculating brackets
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NOL's can be used in carry back (up to 2 years) - where the NOL can be used to obtain a refund for taxes paid in the previous 2 years.

NOL Carry Forward - the NOLs offset income - so at $1 Billion profit - WMIH Corp can utilize $1 Billion NOL (out of $6B) - which will reduce that annual profit to $0 ($5 Billion NOLs will remain afterwards).


Effectively 6 years of tax free operation at $1 Billion annual profit utilizing NOL carry forward.


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Note: Delaware may have specific NOL limitations. I'm not aware of any but I haven't looked up specifics on the state.