Page:United States Statutes at Large Volume 83.djvu/668

 640 72 Stat. 1663; ^^26 USC 6501.

PUBLIC LAW 91-172-DEC. 30, 1969

[83 STAT

(1) ASSESSMENT AXD COLLECTION.—Section 6501 (relating t limitations on assessment and collection) is amended— ^ (A) by striking out "Loss CARRYBACKS" in the heading of subsection (h) and inserting in lieu thereof "Loss OR CAPITAL T^ss CARRYBACKS",

76 Stat. 889. 26 USC 172. 81 Stat. 7 3 1.

68A Stat. 808;

(B) by striking out "loss carryback" in subsection (h) and inserting in lieu thereof "loss carryback or a capital loss ' carryback", "^''[ (C) by striking out "operating loss which" in subsection ' • ' • " ' (h) and inserting in lieu thereof "operating loss or net capital '•'^•' •'. loss which", •' • •' (D) by striking out "assessed, or within 18 months" and all '• ' that follows thereafter in subsection (h) and inserting in lieu thereof "assessed. I n the case of a deficiency attributable to ' the application of a net operating loss carryback, such deficiency may be assessed within 18 months after the date on ' ' which the taxpayer files in accordance with section 172(b)(3) a copy of the certification (with respect to the taxable year of the net operating loss) issued under section 317 of the Trade Expansion Act of 1962, if later than the date prescribed by ' ' the preceding sentence.", (E) by striking out "loss carryback" in subsection (j) and inserting in lieu thereof "loss carryback or a capital loss carryback", and (F) by striking out "net operating loss carryback or an investment credit carryback" in subsection (m) and inserting in lieu thereof "net operating loss carryback, a capital loss carryback, or an investment credit carryback". (£) CREDIT OR REFUND.—Subsection (d) of section 6511 (relating to limitations on credit or refund) is amended— (A) by striking out "LOSS CARRYBACKS" in the heading of

paragraph (2) and inserting in lieu thereof

"LOSS OR CAPITAL

LOSS CARRYBACKS",

' '• • = •

'. ' /^ ' ',' •^'

(B) by striking out "loss carryback" in that part of paragraph (2)(A) which precedes clause (i) thereof and inserting in lieu thereof "loss carryback or a capital loss carryback"', (C) by striking out "operating loss which" in that part of paragraph (2)(A) which precedes clause (i) thereof and inserting in lieu thereof "operating loss or net capital loss which", (D) by striking out "loss carryback" in the first sentence of paragraph (2)(B)(i) and inserting in lieu thereof "loss carryback or a capital loss carryback". (E) by amending the last sentence of paragraph (2)(B) (i) to read as follows: " 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 such deduction, or with respect to the determination of a shortterm capital loss, and the effect of such short-term capitaj loss, to the extent that such deduction or short-term capital loss is affected by a carryback which was not an issue in such proceeding.", (F) by striking out "loss carryback" in paragraph (2)(B) (ii) and inserting in lieu thereof "loss carryback or a capital loss carryback, as the case may be,", and

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