IRS to Revamp More Parts of Corporate Book-Income Tax Rules (1)

The IRS said it would withdraw and revamp additional parts of the proposed regulations on the corporate book-income tax, relating to adjustments to income for items measured at fair value, utilities’ repair costs, and applicabililty dates, among other issues.

The moves regarding the proposed regulations on the corporate alternative minimum tax came in a notice Tuesday (Notice 2025-49). They are in addition to other planned revisions on the CAMT rules that were also announced Tuesday in a separate notice, regarding domestic corporate transactions, troubled companies, and tax consolidated groups.

CAMT requires big, profitable companies to pay at least ...