Chapter 5 (section 1491 and following) of the Internal Revenue Code of 1954 and the regulations prescribed thereunder apply with respect to transfers occurring after December 31, 1954. (See section 7851(a)(1)(B).) Chapter 7 (section 1250 and following) of the Internal Revenue Code of 1939 and the regulations applicable thereto apply with respect to transfers occurring prior to January 1, 1955. [T.D. 6500, 25 FR 12083, Nov. 26, 1960]
Consolidated Returns
RETURNS AND PAYMENT OF TAX
Consolidated Return Regulations