Final U.S. Regulations Issued on Carryback of Consolidated Net Operating Losses

The U.S. IRS and Treasury have issued final regulations on Carryback of Consolidated Net Operating Losses (TD 9977), which were published in the Federal Register on 12 July 2023.

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SUMMARY:

This document contains final regulations that affect corporations filing consolidated returns. These regulations permit consolidated groups that acquire new members that were members of another consolidated group to elect in a year subsequent to the year of acquisition to waive all or part of the pr…