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The Internal Revenue Service (IRS) said alternative minimum tax refundable credits claimed by companies under Section 53(e) of the Internal Revenue Code will not be subject to sequestration for taxable years beginning after 31 December 2017. The statement reverses an earlier IRS announcement that these AMT refunds would be subject to reductions in federal spending known as sequestration. Companies that previously recorded a valuation allowance or a reserve against the related deferred tax assets or receivables in anticipation of sequestration should reverse these allowances or reserves.