A loss corporation has NUBIL if the following two conditions are satisfied:
1. The aggregate adjusted tax basis of the loss corporation’s assets (including certain built-in items) exceed the gross fair market value of the assets on the ownership change date, and
2. The NUBIL exceeds the “threshold amount”, which is the lesser of either (1) 15 percent of the fair market value of the assets of the corporation (excluding cash and marketable securities), or (2) $10,000,000.