"Republic files a consolidated U.S. income tax return. Republic has certain attributes for U.S. federal income tax purposes (the “Tax Attributes”), which include, as of December 31, 2015, approximately $1.4 billion in estimated, consolidated net operating loss carryforwards (“NOLs”).2 The Tax Attributes may be valuable assets. Title 26 of the United States Code (the “Tax Code”) generally permits corporations to carry forward their tax attributes to reduce future taxable income. See 26 U.S.C. § 172. Accordingly, absent any intervening limitations and depending upon future operating results and the consummation of taxable asset dispositions by Republic, the Tax Attributes could substantially reduce Republic’s U.S. federal income tax liability, including during the pendency of these chapter 11 cases. The Tax Attributes are available to offset any income realized through the taxable year that includes the effective date of a chapter 11 plan, and potentially thereafter.
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