Page:United States Statutes at Large Volume 59 Part 1.djvu/587

 59 STAT.] 79TH CONG. , 1ST SESS.-CH. 453 -NOV. 8, 1945 the amendments made by subsection (c) of this section and section 131 of this Act. (c) UNUSED EXCESS PROFrrs CREDIT FOR TAXABLE YEAR BEGINNING AFTER DECEMBER 31, 1945.- Section 710 (c) (2) (defining the unused excess profits credit) is amended by inserting at the end thereof a new sentence reading as follows: "There shall be no unused excess profits credit for a taxable year beginning after December 31, 1946. The unused excess profits credit for a taxable year beginning in 1946 and ending in 1947 shall be an amount which is such part of the unused excess profits credit determined under the preceding provi- sions of this paragraph as the number of days in such taxable year prior to January 1, 1947, is of the total number of days in such taxable year." (d) AFILIATED GRouPs.- Subsection (b) shall be applied in the case of corporations making or required to make a consolidated return under chapter 1 for any taxable year beginning after December 31, 1945, and in the case of a corporation making a separate return for any such taxable year which was a member of a group which made or was required to make a consolidated return for any prior taxable yearin such manner as may be prescribed in regulations prescribed by the Commissioner with the approval of the Secretary prior to the last day prescribed by law for the making of the return for the year beginning after December 31, 1945. (e) CLAIMS FOR REFUND BASED ON CARRY-BACxs. - (1) IN GENERAL.-The first sentence of section 322 (b) (6) (relating to periods of limitation with respect to claims or refund based on carry-backs) is amended to read as follows: "If the claim for credit or refund relates to an overpayment attribu- table to a net operating loss carry-back or to an unused excess profits credit carry-back, in lieu of the three-year period of limitation prescribed in paragraph (1), the period shall be that period which ends with the expiration of the fifteenth day of the thirty-ninth month following the end of the taxable year of the net operating loss or the unused excess profits credit which results in such carry-back, or the period prescribed in paragraph (3) in respect of such taxable year, whichever expires later." (2) TAxABLE YEARS TO WHICH APPLICABLE. - - he amendment made by this subsection shall be applicable to claims for credit or refund with respect to taxable years beginning after December 31, 1940. (f) DEFICIENCIEs ATTRIBUTABLE TO CARRY-BAcKS.- (1) Section 276 (d) is amended to read as follows: "(d) NET OPERATING Loss CARRY-BAcKS AND UNUSED ExCESS PROFITS CREDIT CARRY-BACKS.- In the case of a deficiency attributable to the application to the taxpayer of a net operating loss carry-back or an unused excess profits credit carry-back, including deficiencies which may be assessed pursuant to the provisions of section 3780 (b) or (c), such deficiency may be assessed- "(1) in case a return was required under subchapter E of chapter 2 for the taxable year of the net operating loss or unused excess profits credit resulting in the carry-back, at any time before the expiration of the period within which (under section 275 or subsection (a) or (b) of this section) a deficiency (with respect to tax imposed either by chapter 1 or by subchapter B or E of chapter 2) for such taxable year (whichever is the longer period) may be assessed; or (2) in case a return was not required under subchapter E of chapter 2 for the taxable year of the net operating loss or unused 569 Poe, p. 570. 56 Stat. 900. 26 U. S. C., Supp. IV, i 710 (c) (2). 53 Stat.4. 26 U..S.. i1-896; Supp. IV, i§ 3-421. Ante, p. 618 d tse.; p. 557 d seq.; pot, pp. 670, 673. Ante, p. 524. Ane, p. 628. Ante, p. 2. 54 Stat. 975. 26U.S.C. 710- 752; Supp. IV, i 710- 783. Ante, pp. 519,5 53 Stat. 86 . 26U. . C. 1275. 63 Stat. 4, 111; 54 Stat. 975. 26u. s. c. I 1-96, GOO-04 ,n71-72; Supp. IV, i 3-«, 6W.s 710-783. a*. put p. 5..

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