The U.S. IRS has published a Memorandum dated 13 July 2021 from the Office of Chief Counsel concerning Section 482 adjustments for cost sharing agreements with reverse claw-back provisions. This includes guidance in relation to regulations that were upheld by the U.S. Court of Appeals for the Ninth Circuit in a case involving Altera Corp. --- Section 482 Adjustments for Cost Sharing Agreements with Reverse Claw-Back Provisions This memorandum provides non-taxpayer specific legal advice regarding the application of section 482 of the Internal Revenue Code. This advice should not be used or cited as precedent. Introduction This memorandum discusses issues...