The IRS released a private letter ruling on December 23,
2010 providing guidance on a parent company's ability to use its NOLs after a
bankruptcy proceeding. In PLR 201051019
(Sept. 14, 2010), Parent and a disregarded entity owned by Subsidiary...
In response to the economic recession of 2008
and 2009, Congress passed numerous provisions that were designed to stimulate
the economy. One such attempted measure of stimulus took the form of an
extended net operating loss ("NOL") carryback...