NOL is an asset. This is taught at the junior year level to accounting majors. You can probably Google and find the journal entries that a firm makes, given a specific fact pattern. if the "ONLY" purpose for a business combination is to acquire the NOL, there can be limitations. This is kinda associated and consistent with profit motive and other provisions of the Internal Revenue Code.
So, bottom line, NOL has economic value.
AJ
PS: Two single folks get married. 1 has a $5M loss and the other a $5M profit. They get married in late December. The one with the profit pays zero tax. The one with the loss helps the other spouse with tax issues. A merger is kinda like a marriage.
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