Page:United States Statutes at Large Volume 78.djvu/153

 78 STAT. ]

111

PUBLIC LAW 88-272-FEB. 26, 1964

(d) STATUTE OF LIMITATTOXS.—Section 0511(d)(2)(B)

(relating

lo special period of limitation with respect to net operating loss carrybacks) is amended to read as follows:

68A Stat. 808. 26 USC 6511.

" (B) A P P L I C A B L E RULES.—

"(i) If the allowance of a credit or refund of an overpayment of tax attributable to a net operating loss carryback is otherwise prevented by the operation of any law or rule of law other than section 7122, relating to compromises, such credit or refund may be allowed or made, if claim therefor is filed within the period provided in subparagraph (A) of this paragraph. If the allowance of an application, credit, or refund of a decrease in tax determined under section 6411(b) is otherwise prevented by the operation of any law or rule of law other than section 7122, such application, credit, or refund may be allowed or made if application for a tentative carryback adjustment is made within the period provided in section 6411(a). I n the case of any such claim for credit or refund or any such application for a tentative carryback adjustment, the determination by any court, including the Tax Court, in any proceeding in which the decision of the court has become final, shall be conclusive except with respect to the net operating loss deduction, and the effect of sncli deduction, to the extent that such deduction is affected bj- a carrj'back which was not in issue in such proceeding. "(ii) A claim for credit or refund for a computation year (as defined hi section 1302(e)(1)) shall be determined to relate to an overpayment attributable to a net operating loss carryback when such carryback relates to any base period year (as defined in section 1302(e) (3))." (e) TECHNICAL AMENDMENTS.—The following provisions are amended by striking out "except that section 72(e)(3) shall not apply": (1) The first sentence of section 402(a)(1) (relating to general rule for taxability of beneficiary of exempt trust). (2) The second sentence of section 402(b) (relating to taxability of beneficiary of non-exempt trust). (3) The second sentence of section 402(d) (relating to certain employees' annuities). (4) Section 403(a)(1) (relating to the general rule for taxability of a beneficiary under a qualified annuity plan). (5) The second sentence of section 403(b)(1) (relating to general rule for taxability of beneficiary, etc.) • (6) The second sentence of section 403(c) (relating to taxability of beneficiary under a nonqualified annuity). (f)

26 USC 7122.

26 USC 6411.

Ante, p. 107.

Ante, p. 110. 26 USC 402.

26 USC 403.

CLERICAL AMENDMENTS.—

(1) Subsection (f) of section 4 (relating to cross references to rules for optional tax) is amended by adding at the end thereof the following new paragraph:

26 USC 4. Post, p. 140.

"(3) For rule that optional tax is not to apply if individual chooses the benefits of income averaging, see section 1304(b)."

(2) Subsection (b) of section 5 (relating to cross references to special limitations on tax) is amended to read as follows:

26 USC 5.

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