[Code of Federal Regulations]
[Title 26, Volume 12]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1502-80T]

[Page 480]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1502-80T  Applicability of other provisions of law (temporary).

    (a) and (b) [Reserved]. For further guidance, see Sec. 1.1502-80(a) 
and (b).
    (c) Deferral of section 165. Stock of a member is not treated as 
worthless under section 165 before the stock is treated as disposed of 
under the principles of Sec. 1.1502-19(c)(1)(iii). If stock of a member 
would otherwise be treated as worthless under the principles of section 
165, then, notwithstanding the previous sentence, such stock may be 
treated as worthless under section 165 immediately prior to the time 
such member ceases to be a member of the group. See Sec. Sec. 1.1502-
11(c) and 1.1502-35T for additional rules relating to stock loss. This 
paragraph (c) applies to taxable years beginning after March 18, 2004 
and before March 19, 2007. Taxpayers, however, may apply this paragraph 
(c) to taxable years beginning on or after January 1, 1995 and before 
March 18, 2004; otherwise, paragraph (c) of Sec. 1.1502-80 as contained 
in 26 CFR part 1 edition revised as of April 1, 2003, shall apply to 
taxable years beginning on or after January 1, 1995, and on or before 
March 18, 2004.
    (d) through (f) [Reserved]. For further guidance, see Sec. 1.1502-
80(d) through (f).

[T.D. 9118, 69 FR 12801, Mar. 18, 2004]