Didn't see your post Catty. Just about everything posted by IHUB pumpers about NOLs is wrong. They're very hard to use in a buyout as that article shows. Years ago I thought--briefly-- about having my company buy a defunct business just for its NOL. Decades ago that could be done, but no longer.
I've seen a zillion IHUB BKs where the NOLs were supposed to hold great value... then the commons were cancelled.
I'm working with a young CPA-to-be. Sears situation is tougher than any CPA exam. I'm not even sure the CPA exam covers NOLs in much detail. I'll have to ask him about that.
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