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Final regulations released to Federal Register: Consolidated NOLs

Final regulations on consolidated NOLs

The U.S. Treasury Department and IRS today officially released for publication in the Federal Register final regulations (T.D. 9927) under sections 1502 and 172 as guidance regarding recent statutory amendments to section 172 made by tax law changes—first, by the 2017 U.S. tax law (Pub. L. No. 115-97), the law that is often referred to as the “Tax Cuts and Jobs Act” (TCJA) and subsequently by the "Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) (Pub. L. No. 116-136)—relating to the absorption of consolidated net operating loss (NOL) carryovers and carrybacks.

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Read the final regulations [PDF 393 KB] (23 pages as published in the Federal Register on October 27, 2020).

The IRS on October 13, 2020, posted to its website a version of these final regulations that contains the following statement:

This document will be submitted to the Office of the Federal Register (OFR) for publication and will be pending placement on public display at the OFR and publication in the Federal Register. The version of the final regulations released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.

Read a computer-generated document [PDF 1.0 MB] that provides a comparison of the version of the final regulations submitted today to the Federal Register against the version posted by the IRS on October 13, 2020. This unofficial document was produced by KPMG for the purpose of showing what changes, if any, were made to the regulations prior to being released to the Federal Register for publication. It has not been reviewed for accuracy.

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