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Gain Corp. and Loss Corp. are both publicly-held corporations, and neither has any shareholder who...

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Accounting

Gain Corp. and Loss Corp. are both publicly-held corporations, and neither has any shareholder who owns 5 percent of the stock. In the current year, the two corporations are merged, and less than 50 percent of the stock of the merged corporation is owned by individuals who were shareholders of Loss Corp. If Loss Corp. has a net operating loss, describe how it will be deducted in future years.

How does your answer change if, instead of a merger, Gain Corp. acquired all the stock in Loss Corp. and the two corporations filed a consolidated return?

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