Internal Revenue Service October 27, 2020 – Federal Register Recent Federal Regulation Documents

Consolidated Net Operating Losses
Document Number: 2020-22974
Type: Rule
Date: 2020-10-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under sections 1502 and 1503 of the Internal Revenue Code (Code). These regulations provide guidance implementing recent statutory amendments to section 172 of the Code relating to the absorption of consolidated net operating loss (CNOL) carryovers and carrybacks. These regulations also update regulations applicable to consolidated groups that include both life insurance companies and other companies to reflect statutory changes. These regulations affect corporations that file consolidated returns.