Page:United States Statutes at Large Volume 56 Part 1.djvu/876

 PUBLIC LAWS-CH. 619-OCT. 21, 1942 53 Stat. 867. 26 U. S .C.. 122 (c). Ante, p. 807. 63 Stat. 868. 26U. .C.§122(e). Ante, p. 821; pod, P. 894. 53 Stat. 879 . 26U.S.C.§123. 53 Stat. 879 . 26 U.S. C.. 123 note. (4), and (6), and (B) by determining the net operating loss deduction for such intervening taxable year without regard to such net operating loss and without regard to any net operating loss carry-back. For the purposes of the preceding sentence, the net operating loss for any taxable year beginning after December 31, 1941 shall be reduced by the sum of the net income for each of the two preceding taxable years (computed for each such preceding taxable year with the exceptions, additions, and limita- tions provided in subsection (d) (1), (2), (4), and (6), and computed by determining the net operating loss deduction with- out regard to such net operating loss or to the net operating loss for the succeeding taxable year)." (b) AMOUNT OF NET OPERATING Loss DEDUCTIoN. -Section 122 (c), relating to the amount of the net operating loss deduction, is amended by inserting in lieu of "amount of the net operating loss carry-over" the following: "aggregate of the net operating loss carry-overs and of the net operating loss carry-backs to the taxable year". (c) Section 122 (e) is amended to read as follows: "(e) No CARaY-BACK TO YEAR PRIOR TO 1941. -As used in this sec- tion, the term 'preceding taxable year' and the term 'preceding taxable years' do not include any taxable year beginning prior to January 1, 1941." (d) LIMITATON ON INTEREST ON OVERPAYMENT CAUSED BY A CARRY- BACK oF Loss OR CREDrr.-Section 3771 (relating to interest on over- payments) is amended by inserting at the end thereof the following: "(e) CLAIMS BASED ON CARRY-BACK OF Loss OR CREDrr. -I f the Commissioner determines that any part of an overpayment is attrib- utable to the inclusion in computing the net operating loss deduction for the taxable year of any part of the net operating loss for a suc- ceeding taxable year or to the inclusion in computing the unused excess profits credit adjustment for the taxable year of any part of the unused excess profits credit for a succeeding taxable year, no interest shall be allowed or paid with respect to such part of the overpayment for any period before the filing of a claim for credit or refund of such part of the overpayment or the filing of a petition with the Board, whichever is earlier." (e) EFFECTIVE DATE.- The amendments made by this section shall be applicable only to taxable years beginning after December 31, 1940. SEC. 154. COMMODITY CREDIT LOANS. (a) TAXABLE YEARS SUBJECT TO CoDE.- Section 123 is amended by inserting at the end thereof the following: "(c) The election provided for in subsection (a) with respect to taxable years beginning after December 31, 1938, and before January 1, 1942, may be exercised by the taxpayer at, or at any time prior to, the time prescribed for the filing of the taxpayer's return for the taxable year of the taxpayer beginning in 1942, or if there is more than one taxable year of the taxpayer beginning in 1942, for the last taxable year so beginning, provided the records of the taxpayer are sufficient to permit an accurate computation of income for such years, and the taxpayer consents in writing to the assessment, within such period as may be agreed upon, of any deficiency for such years, even though the statutory period for the assessment of any such deficiency had expired prior to the filing of such consent." (b) TAXABLE YEARS SUBJECT TO PRIOR LAws.-Section 223 (d) of the Revenue Act of 1939 is amended by striking out "within one year from the date of the enactment of this Act" and inserting in 848 156 STAT.

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