Guidance Under Section 1502; Amendment of Waiver of Loss Carryovers From Separate Return Limitation Years

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In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations under section 1502 that permit the amendment of certain elections to waive the loss carryovers of an acquired subsidiary. The text of the temporary regulations published in this issue of the Federal Register also serves as the text of these proposed regulations. This document also provides notice of a public hearing on these proposed regulations.