Your answer lies in Section 382 of the Internal Revenue Code. NOL's of the acquired corporation can be used by the acquiring corporation, but their use is limited and the rules are fairly complicated. The limitation calculation is contained in Section 382. In addition, you need to review state rules. A lot of, if not most, states do not allow the use of acquired NOL's.
You will need to consult with a CPA or tax attorney who knows how to handle the rules.
