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FROM THE OFFICE OF PUBLIC AFFAIRS To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. March 21, 2005 Treasury and IRS Issue Regulations on the Reduction of Consolidated Attributes WASHINGTON -- Today the Treasury Department and the Internal Revenue Service issued final regulations that provide rules for reducing tax attributes (e.g., net operating losses, tax credit carryovers) when the debt of a member of a consolidated group is forgiven. 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, they provide a methodology for reducing attributes. The text of the regulations is attached. REPORTS |
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