The IRS released proposed rules to update regulations for corporations filing consolidated returns by revising and removing text that’s been made obsolete by new legislation.
The agency on Friday released an 89-page proposed rule (RIN: 1545-BJ87) updating the regulations under tax code Section 1502, a part of the code that stipulates the Treasury secretary has the power to “prescribe” rules for a related group of entities that are required to file taxes on a consolidated return.
The proposal partially or completely withdraws many notices of proposed rulemaking to avoid the cross-referencing of temporary regulations, rules that have expired, and ...
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