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FROM THE OFFICE OF PUBLIC AFFAIRS March 11, 2003JS-97 Today the Treasury Department and the Internal Revenue Service issued temporary regulations that prevent groups of corporations filing consolidated returns from obtaining more than one tax benefit for a single economic loss. The temporary regulations provide rules that are effective as of March 7, 2002. They are substantially similar to the regulations that were proposed in October 2002, but include few revisions based on comments we received. On March 7, 2002, the IRS issued Notice 2002-18 announcing that regulations would be promulgated to defer or limit the use of losses in transactions structured by corporations to artificially accelerate losses or to claim more than one tax loss with respect to a single economic loss. The Notice stated that the regulations would apply to dispositions occurring on or after March 7, 2002.
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