Page:United States Statutes at Large Volume 90 Part 2.djvu/287

 PUBLIC LAW 94-455—OCT. 4, 1976 .,:,

90 STAT. 1755

(B) by striking out "or chapter 43" in subsection (b)(1) and inserting in lieu thereof "chapter 43, or chapter 44", (C) by striking out "chapter 43, and this chapter" in subsection (b)(1) and inserting in lieu thereof "chapter 43, chapter 44, and this chapter", and (D) by striking out "of chapter 43 tax for the same taxable years," in subsection (c)(1) and inserting in lieu thereof "of chapter 43 tax for the same taxable years, of chapter 44 tax for the same taxable years,". (6) Section 6213(a) (relating to restrictions applicable to deficiencies and petition to Tax Court) is amended by striking out "or 43" and inserting in lieu thereof "43, or 44". (7) Section 6214 (relating to determinations by Tax Court) is amended— (A) by striking out "or 43" in the heading of subsection (c) and inserting in lieu thereof "43, or 44", and (B) by striking out "or 43" each place it appears in subsection (c) and inserting in lieu thereof "43, or 44", and (C) by striking out "or 43" in subsection (d) and inserting in lieu thereof "43, or 44". (8) Section 6344(a)(1) (relating to cross references) is amended by striking out "or 43" and inserting in lieu thereof "43,

26 USC 4971, ^ ^"^' P- ^'^^^

26 USC 6213. 26 USC 6214.

26 USC 6344.

or 44".

(9) Section 6512 (relating to limitations in case of petition to 26 USC 6512. Tax Court) is amended by striking out "or 43" each place it appears and inserting in lieu thereof "43, or 44". (10) Section 6601(c) (relating to suspension of interest in cer- 26 USC 6601. tain income, etc. tax cases) is amended by striking out in the heading thereof "or 43" and inserting in lieu thereof "43, or 44". (11) Section 7422 (relating to civil actions for refund) is 26 USC 7422. amended by striking out "or 43" in subsection (e) and inserting in lieu thereof "43, or 44". (c) CLERICAL AMENDMENT.—The table of chapters for subtitle D is amended by adding at the end thereof the following: "Chapter 44. Real estate investment trusts." SEC. 1606. ALLOWANCE OF NET OPERATING LOSS CARRYOVER. (a) ALLOWANCE OF DEDUCTION.—Section 857(b)(2) (relating to 26 USC 857.

real estate investment trust taxable income) is amended by striking out subparagraph (E) and by redesignating subparagraph (F) as subparagraph (D). (b) YEARS TO W H I C H LOSS MAY B E CARRIED.—Section 172(b)(1)

26 USC 172.

(relating to years to which a net operating loss may be carried) is amended by inserting after subparagraph (D) thereof the following: " (E) In the case of a taxpayer which has a net operating loss for any taxable year for which the provisions of part II of subchapter M (relating to real estate investment trusts) apply to such taxpayer, such loss shall not be a net operating loss carryback to any taxable year preceding the taxable year of such loss and shall be a net operating loss carryover to ' '* each of the 8 taxable years following the taxable year of such loss, except, in the case of a net operating loss for a taxable year ending before January 1, 1976, such loss shall not be carried to the 6th, 7th, or 8th taxable year following the taxable year of such loss unless part II of subchapter M applied to the 26 USC 856. taxpayer for the taxable year to which the loss is carried and for all intervening taxable years following the year of loss.

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