Page:United States Statutes at Large Volume 90 Part 1.djvu/347

 PUBLIC LAW 94-253—MAR. 31, 1976

3

90 STAT. 297

"(iii) an award in (or settlement of) a proceeding in the Court of Claims under section 1491 of title 28 of the United States Code, to the extent such proceeding involves a claim arising under the Kegional Rail Reorganization Act of 1973, or 45 USC 701 note. "(iv) a redemption of a certificate of value of the United States Railway Association issued to such corporation under section 306 of such Act, Ante, p. 104. "(B) any portion of such amount is includible in the gross ^ ^^^ ^^income of such corporation for the taxable year in which suoh portion is received or accrued, and suoh taxable year begins not more than 5 years after the date of such award, settle; ment, or redemption, and "(C) the net operating loss of such corporation for any ., ,,,j^ taxable year— "(i) was a net operating loss carryover to, or arose in, the first taxable year of such corporation ending after March 31, 1976 (or, in the case of a proceeding referred to in subparagraph (A)(i) which began after March 31, 1976, ending after the beginning of such proceeding), but "(ii) solely by reason of the lapse of time, is not a net i operating loss carryover to the taxable year referred to in subparagraph (B), , then such net operating loss shall be a net operating loss carryover to the taxable year described in subparagraph (B) but only for use (to the extent not theretofore used under this subsection to offset other amounts) to offset the portion referred to in subparagraph (B). "(2) SPECIAL RULE.—For purposes of paragraph (1)(C)(i), a

corporation which was a regulated transportation corporation (within the meaning of section 172(j)) for its last taxable year 26 USC 172. ending on or before March 31, 1976, shall be treated as such a regulated transportation corporation for its first taxable year ending after such date.". SEC. 2. EFFECTIVE DATE.

The amendments made by section 1 shall apply to taxable years ending after March 31, 1976. Approved March 31, 1976.

LEGISLATIVE HISTORY: HOUSE REPORT No. 94-940 (Comm. on Ways and Means). CONGRESSIONAL RECORD, Vol. 122 (1976): Mar. 24, considered and passed House. Mar 25, considered and passed Senate.

26 USC 374 note.

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