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August 4, 2023

IRS proposes to update regulations on consolidated returns

The IRS has released proposed regulations (REG-134420-10) for corporations that file consolidated tax returns that would update the regulations under IRC Section 1502 for statutory changes made over the last 50 years. The IRS would also partially or completely withdraw certain other notices of proposed rulemaking and temporary regulations that are no longer necessary. A Tax Alert is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor