IRS Notice 2009-38

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The Internal Revenue Service on April 13, 2009 issued Notice 2009-38 to provide guidance to corporations whose instruments are acquired by the Treasury Department under the Capital Purchase Program of the Emergency Economic Stabilization Act and the Troubled Asset Relief Program. The Notice clarifies the interplay of many of the bailout programs with Section 382 of the Internal Revenue Code of 1986, which addresses losses following an ownership change.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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