Internal Revenue Service January 10, 2008 – Federal Register Recent Federal Regulation Documents

This document provides notice of a public hearing on a notice of proposed rulemaking under section 6411 of the Internal Revenue Code relating to the computation and allowance of the tentative carryback adjustment. These regulations clarify that for purposes of allowing the tentative adjustment, the IRS may credit or reduce the tentative adjustment by an assessed tax liability, whether or not that tax liability was assessed before the date the application for tentative carryback is filed, and other unassessed liabilities in certain other circumstances.