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FROM THE OFFICE OF PUBLIC AFFAIRS
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JS-573
Today the Treasury Department and the IRS issued temporary regulations that clarify the rules for reducing tax attributes (e.g., net operating losses) for companies that undergo bankruptcy reorganizations. These regulations will prevent companies from taking the position that they are entitled to unreduced tax attributes after realizing discharge of indebtedness income in a year that ends with a bankruptcy reorganization. The temporary regulations apply to discharges of indebtedness occurring after July 17, 2003.
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