42.23.804    TREATMENT OF MERGERS, CONSOLIDATIONS, AND REORGANIZATIONS

(1) In the case of a merger of corporations, the surviving corporation may not claim a net operating loss deduction for net operating losses incurred by any of the merged corporations prior to the date of merger.

(2) Similarly, in the case of a consolidation of corporations, the new corporate entity may not claim a net operating loss deduction for net operating losses incurred by the dissolved corporations prior to the date of consolidation.

(3) In the case of a corporate entity that has converted to a disregarded entity, no net operating loss deduction may be claimed for net operating losses incurred by the corporate entity prior to the date of conversion.

History: 15-31-501, MCA; IMP, 15-31-114, MCA; Eff. 12/31/72; TRANS, from ARM 42.23.415, 2011 MAR p. 2053, Eff. 9/23/11; AMD, 2016 MAR p. 2198, Eff. 11/26/16.