Page:United States Statutes at Large Volume 122.djvu/3877

 12 2 STA T .3854PUBLIC LA W 11 0– 343 —O CT. 3 , 2008 ‘ ‘ (I)anyforeig ne xp ropria t ion l o s s (as d efined in se c tion 172 ( h ) (as in effect on the day b efore the date of the enact m ent of the R e v en u e Reconcili - ation A ctof1 9 9 0 )) for the taxable year , or ‘‘(II) any loss for the taxable year w hich arises from fire, storm, shipwrec k , or other casualty, or from theft, to the extent such loss is not compensated for by insur- ance or otherwise . ‘‘(iv) FOREIGN OI L E XT R AC TION LO S S. — For purposes of subparagraph ( B )(ii)(I), foreign oil extraction losses shall be determined under this paragraph as in effect on the day before the date of the enactment of the E nergy Improvement and Extension Act of 200 8 . ’ ’. (c) C ARR YB AC K AN D CARRYO V ERO FD ISALLO W ED CREDITS.— S ection 907(f) (relating to carryback and carryover of disallowed credits) is amended— (1) by striking ‘‘oil and gas extraction taxes’’ each place it appears and inserting ‘‘foreign oil and gas taxes’’, and (2) by adding at the end the following new paragraph

‘‘( 4 ) T RANSITION R U LES FOR P RE- 20 0 9 AND 2009 DISALLOWED CREDITS.— ‘‘(A) P RE-2009 CREDITS.—In the case of any unused credit year beginning before J anuary 1, 2009, this sub- section shall be applied to any unused oil and gas extraction taxes carried from such unused credit year to a year begin- ning after December 3 1, 2008— ‘‘(i) by substituting ‘oil and gas extraction taxes’ for ‘foreign oil and gas taxes’ each place it appears in paragraphs (1), (2), and (3), and ‘‘(ii) by computing, for purposes of paragraph (2)(A), the limitation under subparagraph (A) for the year to which such taxes are carried by substituting ‘foreign oil and gas extraction income’ for ‘foreign oil and gas income’ in subsection (a). ‘‘(B) 2009 CREDITS.—In the case of any unused credit year beginning in 2009, the amendments made to this subsection by the Energy Improvement and Extension Act of 2008 shall be treated as being in effect for any preceding year beginning before January 1, 2009, solely for purposes of determining how much of the unused foreign oil and gas taxes for such unused credit year may be deemed paid or accrued in such preceding year.’’. (d) CONFOR M ING AMENDMENT.—Section 65 01(i) is amended by striking ‘‘oil and gas extraction taxes’’ and inserting ‘‘foreign oil and gas taxes’’. (e) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2008. SEC.403 . BROK ER RE P OR TING O F C U STO M ER ’ SB A SIS IN SECURITIES TRANSACTIONS. (a) IN G ENERAL.— (1) BROKER REPORTING FOR SECURITIES TRANSACTIONS.— Section 6045 is amended by adding at the end the following new subsection: ‘‘(g) ADDITIONAL INFORMATION RE Q UIRED IN T H E CASE OF SECU- RITIES TRANSACTIONS, ETC.— 26USC907note.Ef fe c t iv e da te. 26 USC 907. Effective date.

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