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…