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Significant recent corporate developments.(C corporations and consolidated returns)
- Article from:
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The Tax Adviser
- Article date:
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January 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This article summarizes significant current developments affecting C corporations and consolidated returns. It covers new final, temporary, and proposed regulations and other noteworthy IRS guidance and case law.
EXECUTIVE SUMMARY
* The IRS finalized regulations under Sec. 1502 that cover basis determinations For subsidiary stock in certain transactions involving consolidated group members and when subsidiary stock becomes worthless.
* Temporary regulations provide guidance on the distribution requirement in all-cash D reorganizations, the continuity of interest requirement For Sec. 368 reorganizations, and the treatment of prepaid income under the built-in gain ...