Page:United States Statutes at Large Volume 92 Part 3.djvu/1000

 92 STAT. 3632

26 USC 6511.

26 USC 6501. 26 USC 6601.

PUBLIC LAW 95-628—NOV. 10, 1978 the taxable year of the unused credit which results in such carryback may be assessed, or with respect to any portion of a credit carryback from a taxable year attributable to a net operating loss carryback, capital loss carryback, or other credit carryback from a subsequent taxable year, at any time before the expiration of the period within which a deficiency for such subsequent taxable year may be assessed. "(2) CREDIT CARRYBACK DEFINED.—For purposes of this subsection, the term 'credit carryback' has the meaning given such term by section 6511(d)(4)(C). " (B) Subsection (m) of section 6501 (relating to tentative carryback adjustment assessment period) is amended by striking out "subsection (h), (j), (o), o r (p) " each place it appears and inserting in lieu thereof "subsection (h) or (j)". (C) Section 6501 is amended by striking out subsections (o) and (p). (2) AMENDMENTS OF SECTION eeoi.— (A) Paragraph (2) of section 6601(d) (relating to investment credit carryback) is amended to read as follows: " (2) CERTAIN CREDIT CARRYBACKS.—

"(A) IN GENERAL.—If any credit allowed for any taxable year is increased by reason of a credit carryback, such increase shall not affect the computation of interest under this section for the period ending with the last day of the taxable year in which the credit carryback arises, or, with respect to any portion of a credit carryback from a taxable year attributable to a net operating loss carryback, capital loss carryback, or other credit carryback from a subsequent taxable year, such increase shall not affect the computation of interest under this section for the period ending with the last day of such subsequent taxable year. "(B) CREDIT CARRYBACK DEFINED.—For purposes of this paragraph, the term 'credit carryback' has the meaning given such term by section 6511(d)(4)(C)." (B) Subsection (d) of section 6601 is amended by striking out paragraphs (4) and (5). 26 USC 6611.

(3) AMENDMENTS OF SECTION 6 6 i i. —

(A) Paragraph (3) of section 6611(f) (relating to investment credit carryback) is amended to read as follows: " (2) CERTAIN CREDIT CARRYBACKS.—

26 USC 6511 °ote.

"(A) IN GENERAL.—For purposes of subsection (a), if any overpayment of tax imposed by subtitle A results from a credit carryback, such overpayment shall be deemed not to have been made before the close of the taxable year in which such credit carryback arises, or, with respect to any portion of a credit carryback from a taxable year attributable to a net operating loss carryback, capital loss carryback, or other credit carryback from a subsequent taxable year, such overpayment shall be deemed not to have been made before the close of such subsequent taxable year. "(B) CREDIT CARRYBACK DEFINED.—For purposes of this paragraph, the term 'credit carryback' has the meaning given such term by section 6511(d)(4)(C)." (B) Subsection (f) of section 6611 is amended by striking out paragraphs (4) and (5). (d) EFFECTIVE DATE.—The amendments made by this section shall apply to carrybacks arising in taxable years beginning after the date of the enactment of this Act.

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