Calculation of qualified business asset investment (QBAI) for qualified improvement property (QIP) under the alternative depreciation system (ADS), the IRS stated in final regulations released September 21. Additional final regulations provide transition rules relating to the impact on loss accounts of net operating loss (NOL) carrybacks allowed by reason of the CARES Act, the IRS stated. The regulations finalize proposed rules without substantive change, the IRS noted. Effective September 24, 2021, when published in the Federal Register. [T.D. 9956, RIN 1545-BP91, RIN 1545-BP70, 86 Fed. Reg. __ (Sept. 24, 2021)]
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