The U.S. IRS and Treasury have issued final regulations on Carryback of Consolidated Net Operating Losses (TD 9977), which were published in the Federal Register on 12 July 2023. --- SUMMARY: This document contains final regulations that affect corporations filing consolidated returns. These regulations permit consolidated groups that acquire new members that were members of another consolidated group to elect in a year subsequent to the year of acquisition to waive all or part of the pre-acquisition portion of the carryback period for certain losses attributable to the acquired members where there is a retroactive statutory extension of the net...