NOLs Transfer on LBO?

Can anyone put this in plain English? Trying to figure out how much of the NOLs can be transferred to the acquirer's BS.

"The treatment of a target's tax attributes (e.g. nol) in an acquisition depends on the tax structure of the deal. Indeed, the target's tax attributes may dictate the structure of a transaction. In taxable acquisitions in which the acquired net assets are stepped-up for tax purposes, the target's NOL may generally be used immediately by the acquirer to offset the gain on the actual or deemed asset sale. Any remaining NOL of the target do not survive the transaction and are lost."

It comes from the Macabus NOL site