selling consolidated group

(10) Elective recognition of gain or loss by target corporation, together with nonrecognition of gain or loss on stock sold by selling consolidated group (A) In general Under regulations prescribed by the Secretary, an election may be made under which if— (i) the target corporation was, before the transaction, a member of the selling consolidated group, and (ii) the target corporation recognizes gain or loss with respect to the transaction as if it sold all of its assets in a single transaction, then the target corporation shall be treated as a member of the selling consolidated group with respect to such sale, and (to the extent provided in regulations) no gain or loss will be recognized on stock sold or exchanged in the transaction by members of the selling consolidated group. (B) Selling consolidated group For purposes of subparagraph (A), the term “selling consolidated group” means any group of corporations which (for the taxable period which includes the transaction)— (i) includes the target corporation, and (ii) files a consolidated return. To the extent provided in regulations, such term also includes any affiliated group of corporations which includes the target corporation (whether or not such group files a consolidated return). (C) Information required to be furnished to the Secretary Under regulations, where an election is made under subparagraph (A), the purchasing corporation and the common parent of the selling consolidated group shall, at such times and in such manner as may be provided in regulations, furnish to the Secretary the following information: (i) The amount allocated under subsection (b)(5) to goodwill or going concern value. (ii) Any modification of the amount described in clause (i). (iii) Any other information as the Secretary deems necessary to carry out the provisions of this paragraph.


26 USC § 338(h)(10)

Scoping language

For purposes of this section
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