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IRS Announces Corrections to Temporary NOL Regs

AUG. 10, 2020

Announcement 2020-11; 2020-33 IRB 385

DATED AUG. 10, 2020
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Citations: Announcement 2020-11; 2020-33 IRB 385

Correction to TD 9900, IRB 2020-30

SUMMARY: This document contains corrections to TD 9900, published in Internal Revenue Bulletin 2020-30 on Monday, July 20, 2020. The purpose of this Treasury decision is to set forth 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 for certain losses attributable to the acquired members if there is a retroactive statutory extension of the NOL carryback period under section 172.

Need for Correction

As published, the Treasury decision contains the following errors that need correction:

1. In part IV of the Explanation of Provisions, under the heading Applicability Date. The error consists of stating that the applicability date of these temporary regulations will expire on June 30, 2023. The correct date should be July 3, 2023.

2. In §1.1502-21T(b)(3)(ii)(C)(6)(iii), under the heading Certain taxable years beginning before January 1, 2021. The error consists of stating that July 3, 2023 is the date (i) which the filing required under §1.1502-21T(b)(3) (ii)(C)(6)(i) must precede, and (ii) by which the amended return to which an amended statute split-waiver election statement or extended split-waiver election statement is attached must be filed. The correct date in each instance should be November 30, 2020.

3. In §1.1502-21T(h)(9)(ii), under the heading Expiration date. The error consists of stating that the applicability of §1.1502-21T(b)(3)(ii)(C) and (D) will expire on June 30, 2023. The correct date should be July 3, 2023.

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