CO-25-96 (TD 8824 - Final) Regulations Under Section 1502 of the Internal Revenue Code of 1986; Limitations on Net Operating Loss Carryforwards and Certain Built-in Losses and Credits Following
CO-25-96 (TD 8824 - Final)
Regulations Under Section 1502 of the Internal Revenue Code of
1986; Limitations on Net Operating Loss Carryforwards and Certain
Built-in Losses and Credits Following
Extension without change of a currently approved collection
Section 1502 provides for the
promulgation of previously approved regulations with respect to
corporations that file consolidated income tax returns. Section 382
limits the amount of income that can be offset by loss carryovers
and credits after an ownership change. These final regulations
provide rules for applying section 382 to groups of corporations
that file a consolidated return.
US Code:
26
USC 1501 Name of Law: Privilege to file consilidated
returns
US Code: 26
USC 382 Name of Law: Limitation on net operating loss
carryforwards and certain built-in losses following ownership
chan
US Code: 26
USC 383 Name of Law: Special limitations on certain excess
credits, etc.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.