On 2 July 2025, a notice from the U.S. IRS and Treasury Department was published in the Federal Register on the withdrawal of proposed regulations on the treatment of built-in items of income, gain, deduction, and loss taken into account by a loss corporation after an ownership change. A revised proposal is expected as the issues continue to be studied.
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SUMMARY:
This document withdraws two notices of proposed rulemaking containing proposed regulations on the treatment of built-in ite…