This site displays a prototype of a “Web 2.0” version of the daily Federal Register. It is not an official legal edition of the Federal Register, and does not replace the official print version or the official electronic version on GPO’s govinfo.gov.
The documents posted on this site are XML renditions of published Federal Register documents. Each document posted on the site includes a link to the corresponding official PDF file on govinfo.gov. This prototype edition of the daily Federal Register on FederalRegister.gov will remain an unofficial informational resource until the Administrative Committee of the Federal Register (ACFR) issues a regulation granting it official legal status. For complete information about, and access to, our official publications and services, go to About the Federal Register on NARA's archives.gov.
The OFR/GPO partnership is committed to presenting accurate and reliable regulatory information on FederalRegister.gov with the objective of establishing the XML-based Federal Register as an ACFR-sanctioned publication in the future. While every effort has been made to ensure that the material on FederalRegister.gov is accurately displayed, consistent with the official SGML-based PDF version on govinfo.gov, those relying on it for legal research should verify their results against an official edition of the Federal Register. Until the ACFR grants it official status, the XML rendition of the daily Federal Register on FederalRegister.gov does not provide legal notice to the public or judicial notice to the courts.
Internal Revenue Service (IRS), Treasury.
Correcting amendments.
This document contains corrections to Treasury Decision 9900, which was published in the Federal Register on Wednesday, July 8, 2020. Treasury Decision 9900 contained temporary regulations that permit consolidated groups that acquire new members that were members of another consolidated group to elect in a year subsequent to the year of acquisition to waive all or part of the pre-acquisition portion of an extended carryback period under section 172 of the Internal Revenue Code (Code) for certain losses attributable to the acquired members if there is a retroactive statutory extension of the NOL carryback period under section 172.
Effective date: These corrections are effective on August 28, 2020.
Applicability date: For the date of applicability, see § 1.1502-21T(h)(9).
Jonathan R. Neuville, at (202) 317-5363 (not a toll-free number).
The temporary regulations (TD 9900) that are the subject of this correction are issued under section 1502 of the Code.
As published July 8, 2020 (85 FR 40892), the temporary regulations (TD 9900; FR Doc. 2020-14426) contained errors that need to be corrected.
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Par. 2. Section 1.1502-21T is amended by revising the second sentence of paragraph (b)(3)(ii)(C)( 1), the first sentence of paragraph (b)(3)(ii)(C)( 5)( i), the first sentence of paragraph (b)(3)(ii)(C)( 5)( ii), the third sentence of paragraph (b)(3)(ii)(D)( 2)( ii), and the second sentence of paragraph (b)(3)(ii)(D)( 4)( ii) to read as follows:
(b) * * *
(3) * * *
(ii) * * *
(C) * * *
( 1) * * * (See paragraph (b)(3)(ii)(C)( 2) of this section for ( printed page 53163) definitions of terms used in this paragraph (b)(3)(ii)(C) and paragraph (b)(3)(ii)(D) of this section.)
( 5) * * *
( i) * * * An amended statute split-waiver election must be made in a separate statement entitled “THIS IS AN ELECTION UNDER SECTION 1.1502-21T(b)(3)(ii)(C)( 1) TO WAIVE THE PRE-[insert first day of the first taxable year for which the acquired member was a member of the acquiring group] CARRYBACK PERIOD FOR THE CNOLS ATTRIBUTABLE TO THE [insert taxable year of losses] TAXABLE YEAR(S) OF [insert names and employer identification numbers of members]” (amended statute split-waiver election statement).
( ii) * * * An extended split-waiver election must be made in a separate statement entitled “THIS IS AN ELECTION UNDER SECTION 1.1502-21T(b)(3)(iii)(C)( 1) TO WAIVE THE PRE-[insert first day of the first taxable year for which the acquired member was a member of the acquiring group] EXTENDED CARRYBACK PERIOD FOR THE CNOLS ATTRIBUTABLE TO THE [insert taxable year of losses] TAXABLE YEAR(S) OF [insert names and employer identification numbers of members]” (extended split-waiver election statement).
(D) * * *
( 2) * * *
( ii) * * * See paragraph (b)(3)(ii)(C)( 2)( v) of this section. * * *
( 4) * * *
( ii) * * * See paragraph (b)(3)(ii)(C)( 2)( ix) of this section.
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2020-16985 Filed 8-27-20; 8:45 am]
BILLING CODE 4830-01-P