New Zealand Inland Revenue has published a draft response to a "question we've been asked" (QWBA) to clarify whether losses arising in the income year of an ownership continuity breach can be carried forward. The brief answer is that such a tax loss may be carried forward as long as the requirements of section IB 3 of the Income Tax Act 2007 are met. Section IB 3 provides an alternative basis for companies to carry forward tax losses despite failing the standard ownership continuity rules in…