# Carryback of Consolidated Net Operating Losses To Separate Return Years; Correction
**AGENCY:**
Internal Revenue Service (IRS), Treasury.
**ACTION:**
Correction to temporary regulations.
**SUMMARY:**
This document contains corrections to temporary regulations that were published in the *Federal Register* on Friday, May 31, 2002 (67 FR 38000) that affect corporations filing consolidated returns.
**DATES:**
This correction is effective May 31, 2002.
**FOR FURTHER INFORMATION CONTACT:**
Marie Milnes-Vasquez, (202) 622-7770 (not a toll-free number).
**SUPPLEMENTARY INFORMATION:**
**Background**
The temporary regulations that are the subject of these corrections are under sections 1502 and 172 of the Internal Revenue Code.
**26 CFR Part 1**
**Need for Correction**
As published, the temporary regulations contain errors that may prove to be misleading and are in need of clarification.
**Correction of Publication**
Accordingly, the publication of the temporary regulations (TD 8997), that were the subject of FR Doc. 02-13576, is corrected as follows:
1. On page 38001, column 3, in the preamble under the paragraph heading “Background”, third full paragraph, line 5, the language “elections are made on a year-by-basis.” is corrected to read “elections are made on a year-by-year basis.”.
**26 CFR Part 1**
2. On page 38002, column 1, in the preamble under the paragraph heading “Special Analyses”, first paragraph, lines 22 and 23, the language “to 5 USC 553(b)(B) and delayed effective date is not required pursuant to 5 USC” is corrected to read “to 5 U.S.C. 553(b)(3)(B) and delayed effective date is not required pursuant to 5 U.S.C.”.
Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel (Income Tax and Accounting).