Multiple Losses. A has a $100 loss, B has a $100 of income, C has a $400 loss, and the Group has a $400 NOL. If A, B, and C filed separate income tax returns, A would have no tax liability and a $100 NOL carryforward, B would have a $21 tax liability, and C would have no tax liability and a $400 NOL carryforward. Under paragraph 3.A.i., the Group has no tax liability to allocate. Under paragraph 3.A.ii., B pays $21 of tax ($21 separate return liability - $0 of tax allocated under 3.A.i.) to Parent because B saved $21 in tax by using $100 of A and C’s $500 combined loss. Under Paragraph 3.B.ii., Parent must allocate and pay $21 among A and C ($100 * .21) because the Group used $100 of their losses to offset B’s $100 of income. Parent allocates the $21 between A and C proportionate with their respective shares of the loss, 1/5th to A and 4/5ths to C. Parent pays $4.20 to A as compensation for $20 of A’s $100 loss, which the Group partially used to offset B’s income, and Parent pays $16.80 to C as compensation for $80 of C’s $400 loss, which the Group partially used to offset B’s income. A has $80 of remaining losses to carry forward ($100 - $20), and C has $320 of remaining losses to carry forward ($400 - $80). The Group has a $400 NOL carryforward.
Multiple Losses. If the professor experiences more than one reproductive loss event within a 12- month period, the professor is limited to a total amount of reproductive loss leave time of 20 days within a 12-month period. The professor may take reproductive loss leave on nonconsecutive days. All reproductive loss leave shall be completed within three (3) months of the event entitling the unit member to the reproductive loss leave.
Multiple Losses. (a) In a case where more than one Subgroup has sustained net operating losses in a year, and the aggregate of such losses exceeds consolidated taxable income for that year computed without regard to such aggregate losses, the amount credited under Paragraphs 7 and 8 above shall be apportioned in the ratio of each Subgroup’s separate loss to the aggregate losses of all Subgroups, and no amount shall be credited as a tax benefit for such excess losses remaining after reductions for the respective share of the current loss apportioned for each Subgroup for that year.
(b) Each Subgroup shall apply its own carryover items first against its taxable income or tax liability, as the case may be, on a separate return basis for any succeeding taxable year to which the item could by law be carried until the carryover item has been fully utilized to reduce that Subgroup’s obligation under this Agreement.
(c) In any year where a Subgroup has sustained a net operating loss and there also exists excess losses of various Subgroup carried over into the current year, then the current year’s operating loss shall be considered as being first utilized against consolidated income before any of the excess carryover losses for purposes of computing any tax benefits due under this Agreement, subject to the provisions of Paragraph 8(b). Furthermore, in respect to the sequence of application of carryover items, Section 172 of the Code and the operating rules thereunder, shall govern the application of carryover items from the current year to subsequent years.
(d) In any case where a tax benefit is not realized by the Subgroup and the Subgroup to which such benefit is attributed could not have realized it on a separate return basis, or for any year to which as a carryover item it could have been carried by law, the loss of such tax benefit shall not be compensated by the Parent or any other Member.
