IRS and Treasury Issue Final Regulations Regarding Use of Consolidated Net Operating Losses
By EsqSocial Corporation 22/10/20
On October 13, 2020, the U.S. Department of Treasury (“Treasury”) and the Internal Revenue Service (the IRS) released final regulations (T.D. 9927) (the “Regulations”) under sections 1502 and 1503 of the Internal Revenue Code of 1986, as amended (the “Code”), regarding the absorption of consolidated net operating losses (CNOLs) carryovers applicable to consolidated groups that include one or more nonlife insurance company members and one or more life insurance and/or non-insurance company...
By: Shearman & Sterling LLP