# Prop. Treas. Reg. § 1.1502-21: Net operating losses.

Proposed regulation, not in force. REG-100400-14, 80 FR 12097, published 2015-03-06 <https://www.federalregister.gov/documents/2015/03/06/2015-05123/guidance-regarding-reporting-income-and-deductions-of-a-corporation-that-becomes-or-ceases-to-be-a>. Interprets 26 U.S.C. § 1502.

Par. 5. Section 1.1502-21 is amended by revising paragraph (b)(3)(iii) and adding paragraph (h)(1)(iv) to read as follows:

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(b) * * *

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(iii) Short years in connection with intercompany transactions to which section 381(a) applies. If a member distributes or transfers assets in an intercompany transaction to which section 381(a) applies, see § 1.1502-76(b)(2)(i).

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(iv) Paragraph (b)(3)(iii) of this section applies to consolidated return years beginning on or after the date these regulations are published as final regulations in the Federal Register . For transactions occurring before the date these regulations are published as final regulations in the Federal Register , see § 1.1502-21(b) as contained in 26 CFR part 1, revised as of April 1 preceding the date these regulations are published as final regulations in the Federal Register .

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