Section 48 Carryover of and Limitations on Tax Attributes

• Library: Business Transitions 2009 Supp

I.R.S. Notice 2008-83, 2008-42 I.R.B. 905, provided that losses on loans or bad debts recognized by an acquired bank after an ownership change cannot be treated as built-in losses attributable to preownership change taxable periods and subject to I.R.C. § 382 limitations. Section 1261(a) of The American Recovery and Reinvestment Act of 2009 (ARRA 2009), Pub. L. No. 111-5, 123 Stat. 115, revoked Notice 2008-83 from and after January 16, 2009, excepting transactions subject to a binding contract entered into on or before that date.

The Treasury issued other notices...