The US Treasury Department on Monday issued final regulations that provide rules for reducing tax attributes (such as net operating losses and tax credit carryovers) when the debt of a member of a consolidated group is forgiven.
In a statement, the Treasury revealed that the final regulations are similar to temporary regulations that were issued in August of 2003.
They provide that all of the consolidated attributes of the group are available for reduction when the debt of a member of the group is discharged.
In addition, the newly issued regulations provide a methodology for reducing attributes.
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