Notice Addresses Section 382 Treatment of Government-Acquired Assets

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IRS unveils new guidance on the application of tax code Section 382, addressing losses following an ownership change to corporations whose instruments are acquired and disposed of by Treasury pursuant to the Emergency Economic Stabilization Act of 2008. In Notice 2010-2, IRS says it is amplifying and superseding Notice 2009-38. In general, the agency says it is addressing programs under the umbrella of the Troubled Asset Relief Program.