Nullifies Internal Revenue Service Notice 2010-2 (guidance regarding the application of section 382 of the Internal Revenue Code to corporations whose instruments are acquired and disposed of by the Department of Treasury pursuant to the Emergency Economic Stabilization Act of 2008).
Amends the Internal Revenue Code to prohibit the Secretary of the Treasury from prescribing any regulation after December 18, 2009, that provides an exemption or special rule under such section (provisions limiting net operating loss carryforwards and certain built-in losses following a change in corporate ownership) that is restricted to the disposition of corporate instruments acquired by the Secretary, unless Congress specifically authorizes the exemption or special rule.