To value an acquired company's pool of Net Operating Losses (NOLs), which factor is crucial in calculation?

To value an acquired company's pool of Net Operating Losses (NOLs), the Federal Long-Term Tax-Exempt Rate is crucial in the calculation. This rate serves as a discount rate for the present value of future tax benefits that the NOLs could provide. Since NOLs can be carried forward to offset taxable income in future years, the value of those potential tax savings needs to be calculated in today's terms. By using a long-term tax-exempt rate, which reflects the risk and time value of money, analysts can estimate the future tax benefits that the NOLs represent.

The other options, while relevant to different aspects of business valuation and financial analysis, do not specifically pertain to the direct calculation of the present value of NOLs. The acquisition price of the company might give a sense of the overall value but does not specifically address how to quantify the tax advantages of NOLs. Historical income statements provide context for the company’s earnings potential but do not impact the valuation of the NOLs themselves. Similarly, the shareholder equity percentage relates more to ownership and capital structure rather than the valuation of tax attributes like NOLs.