Commonly encountered provisions overridden by Sec. 1502 regs.

• Author: Yates, Richard F.
• Position: IRS regulations, IRC s. 1502

Sec. 1502 authorizes the Secretary to "prescribe such regulate may deem necessary in order that the tax liability of any affiliated group of corporations making a consolidated return and of each corporation in the group, both during and after the period of affiliation, may be returned, determined, computed, assessed, collected, and adjusted, in such manner as dearly to reflect the income tax liability and the various factors necessary for the determination of such liability, and in order to prevent avoidance of such tax liability." Many of these regulations alter the income tax treatment that would be required if the taxpayer were not a member of an affiliated group filing a consolidated return. A summary of some of the commonly encountered provisions that are overridden by the Sec. 1502 regulations may be found below.

Section overridden By Regs. Sec. 11 1.1 502-6(a) 108(a) 1.1 502-13(g)(3)(ii)(B)(2) 108(e)(6) 1.1 502-13(g)(3)(i)(A) 165(g)(3) 1.1502-80(c) 165(g)(3) 1.1502-20 304 1.1 502-80(b) 311 (a) 1.1 502-13(f)(2)(iii) 316 1.1 502-33(e) 332(b)(1) but 1.1502-34 not 337(a) 351(a) 1.1502-34 357(c) 1.1 502-80(d) 362 1.1502-31 381 (b)(3) 1.1 502-75(d)(3)(v) 453 1.1 502-13(a)(3) 1031 1.1 502-80(f) 6072(b) 1.1 502-76(c) Section...