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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Douglas Nordgren who wrote (27023)5/17/2000 2:27:00 PM
From: Logain Ablar  Read Replies (1) of 29386
 
Thread:

The question came up in the QLGC conference call on the ANCR NOL's. I haven't worked on an acquisition in a few years and the last law change on this was in the mid 80's but this is my understanding of the SLRY rules of the consolidation regulations.

QLGC will be able to shelter the profits of ANCR in its consolidated return (they won't be able to utilize Q gains against this only ANCR). The Separate Return Loss Year NOL's can be carried forward for a period of 15 years.

I sent the QLGC CFO a more detailed analysis and recomended he check with thier tax advisor and to also check with the auditors on recognition of the nol's under FAS 109 (for GAAP reporting they may be able to accelerate recognition of the benefit, once ANCR is profitable).

I'm about 95% positive on the NOL utilizaton but FAS 109 is a separate matter. A conservative positon would be to not allow recognition for GAAP until the year its allowed for the tax return.

Tim
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