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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 35 slides",
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  "notes": "Includes a sensitivity table for NOL value and a historical taxable income table.",
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      "text": "Assumptions: 43% Corporate Tax Rate, Taxable Income per management projections through 2019, grown at designated growth rate thereafter",
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      "text": "Disclaimer: Morgan Stanley does not provide tax, accounting or legal advice...",
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      "text": "Since 2008, Monroe has accumulated an NOL balance of ~$433MM as of 12/31/15. Management projects positive taxable income in 2016... If taxable income remains positive after 2018, all NOLs must be utilized (or expire) by 2038.",
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      "text": "Additional Notes: A buyer's value for any NOLs would be based on utilization... In a change of control transaction, use of NOLs will generally be limited... Asset sales in the first five years post-acquisition will generally be treated as exceptions.",
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      "text": "Net Operating Loss Valuation",
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