Jeong Authors Article on Cancellation of Debt Income and Net Operating Losses

O'Melveny associate Annie Jeong recently authored an article published in the November 16 edition of Tax Notes. In the article, entitled "NOLs and COD: Important Topics in a Down Economy," Jeong discusses certain rules under the tax code that limit the ability of loss corporations to utilize net operating losses and reduce cancellation of debt income.  In light of the economic downturn, Jeong questions whether these rules need to be revised, given the adverse and arguably unintended affects they are having on troubled corporations, and advocates that Treasury and the IRS reconsider these rules.

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