Acquisition of an S Corporation by a Member of a Consolidated Group

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This document contains final regulations under section 1502 of the Internal Revenue Code. These final regulations provide specific rules that apply to the acquisition of the stock of an S corporation by a member of a consolidated group. These rules eliminate the compliance burdens associated with filing a separate return for the day that an S corporation is acquired by a consolidated group. Additionally, the regulations clarify the rule for the filing of the separate return for a corporation's items for the period not included in the consolidated return.