The IRS Office of Chief Counsel on December 29, 2023 issued long-awaited guidance on the effects of group membership on financial transactions under Section 482. The guidance was issued in the form of a generic legal advice memorandum (GLAM), AM 2023-008 , titled “Effect of Group Membership on Financial Transactions under Section 482 and Treas. Reg. § 1.482-2(a).” The GLAM examines the application of the 482 regulations applicable to intercompany loans and other areas of the 482 regulations, including realistic alternatives and passive association, in the context of intercompany lending. Applying these principles, the GLAM concludes that the IRS may consider group membership in determining the arm’s length rate of interest for intercompany loans based on implicit financial support expected from another group member.