IRS Prop. Reg.: Revising Consolidated Return Regulations to Reflect Statutory Changes, Modernize Language, Enhance Clarity Correction (§1502)

Correction to proposed rules (REG-134420-10. 88 Fed. Reg. 52,057 (Aug. 7, 2023)) modifying regulations applicable to affiliated and controlled groups of corporations in order to reflect statutory changes, update language to remove antiquated or regressive terminology, and enhance clarity, the IRS released. The correction makes parallel amendments to similar regulations applicable to controlled groups of corporations. Comment period is reopened, and additional written or electronic comments and requests for a public hearing must be received by Feb. 5, 2024. [REG-134420-10, RIN 1545-BJ87, 88 Fed. Reg. __ (Dec. 6, 2024)]