Corporations & Shareholders: Significant Recent Developments — footnotes

¹ For a summary of major corporate provisions of that legislation, see Karlinsky and Orbach, “The AJCA’s Domestic Business Provisions,” 36 The Tax Adviser 148 (March 2005).

² TD 9182 (2/25/05), amending Regs. Sec. 1.368-1(b).

³ REG-106889-04 (8/12/04).

⁴ See Prop. Regs. Sec. 1.368-2(m)(5), Example 6.

⁵ Notwithstanding the elimination of the COI and COBE requirements, F reorganizations are still subject to identity-of-interest and identity-of-asset requirements; see Rev. Ruls. 66-284, 1966-2 CB 115 and 96-29, 1996-1 CB 50.

⁶ TD 9225 (9/16/05).

⁷ REG-129706-04 (8/09/04).

⁸ See John A. Nelson Co., 296 US 374 (1935).

⁹ See Sec. 355(e)(2)(B).

¹⁰ TD 9198 (4/19/05).

¹¹ REG-163892-01 (4/26/02).

¹² For a discussion of Temp. Regs. Sec. 1.355-7T, see Schneider and Chui, “Corporations & Shareholders: Significant Recent Developments,” 34 The Tax Adviser 42 (January 2003).

¹³ TD 9187 (3/22/05).

¹⁴ For detailed background on this subject, see Dubroff, Broadbent, Blanchard and Duvall, Federal Income Taxation of Corporations Filing Consolidated Returns, 72.01 et seq. (Matthew Bender, 2d ed., 2005).

¹⁵ TD 9192 (3/22/05).

¹⁶ See H Rep’t No. 98-432, 98th Cong., 2d Sess. (1984), pt. 2, p. 1180–81.

¹⁷ See OBH, Inc., Dkt. Nos. 8:02CV374 and 8:04CV460, DC NE, 10/28/05.

¹⁸ See Secs. 382(g)(1), (2) and (i); and Regs. Sec. 1.382-2(a)(4).

¹⁹ Garber Indus. Holding Co., 124 TC 1 (2005).

²⁰ REG-117969-00 (1/5/05).

²¹ See Temp. Regs. Sec. 1.368-2T(b)(1)(ii).

²² However, a merger between corporations under foreign law may qualify as a reorganization under Sec. 368(a)(1)(C), although a C reorganization is more stringent than an A reorganization; see Sec. 367 (reorganization exchange involving foreign corporation may be taxable at both corporate and shareholder levels in certain instances).

²³ REG-163314-03 (3/9/05).

²⁴ See Spaulding Bakeries, Inc., 252 F2d 693 (2d Cir. 1958); see also Rev. Rul. 2003-125, IRB 2003-52, 1243 (parent may be able to claim worthless stock deduction on deemed dissolution of insolvent subsidiary).

²⁵ REG-131128-04 (2/18/05).

²⁶ Rev. Rul. 2005-65, IRB 2005-41, 684.

²⁷ See Rev. Proc. 96-30, 1996-1 CB 696, Section 2.05.

²⁸ For a discussion, see Karlinsky and Orbach, note 1 supra.

²⁹ Notice 2005-70, IRB 2005-41, 694.