Page:United States Statutes at Large Volume 95.djvu/272

 95 STAT. 246

PUBLIC LAW 97-34—AUG. 13, 1981 and shall be added to the amount allowable as a credit by this section for such years. If any portion of such excess is a carryback to a taxable year beginning before July 1, 1981, this section shall be deemed to have been in effect for such taxable year for purposes of allowing such carryback as a credit under this section. The entire amount of the unused credit for an unused credit year shall be carried to the earliest of the 18 taxable years to which (by reason of clauses (i) and (ii)) such credit may be carried, and then to each of the other 17 taxable years to the extent that, because of the limitation contained in subparagraph (B), such unused credit may not be added for a prior taxable year to which such unused credit may be carried. "(B) LIMITATION.—The amount of the unused credit which may be added under subparagraph (A) for any preceding or succeeding taxable year shall not exceed the amount by which the limitation provided by paragraph (1) for such taxable year exceeds the sum of— "(i) the credit allowable under this section for such taxable year, and "(ii) the amounts which, by reason of this paragraph, are added to the amount allowable for such taxable year and which are attributable to taxable years preceding the unused credit year."

94 Stat. 3514. 9^j%c Isf

Ante, p. 241.

26 USC 383.

(b) TECHNICAL AMENDMENTS RELATED TO CARRYOVER AND CARRYBACK OP CREDITS.— (1) CARRYOVER OF CREDIT.—

(A) Subparagraph (A) of section 55(c)(4) (relating to carryover and carryback of certain credits) is amended by striking out "section 44E(e)(l)" and inserting in lieu thereof "section 44F(g)(l), 44E(e)(l)". ^^^ Subsection (c) of section 381 (relating to items of the distributor or transferor corporation) is amended by adding at the end thereof the following new paragraph: "(28) CREDIT UNDER SECTION 44P.—The acquiring corporation shall take into account (to the extent proper to carry out the purposes of this section and section 44F, and under such regulations as may be prescribed by the Secretary) the items required to be taken into account for purposes of section 44F in respect of the distributor or transferor corporation." (C) Section 883 (relating to special limitations on unused investment credits, work incentive program credits, new employee credits, alcohol fuel credits, foreign taxes, and capital losses), as in effect for taxable years beginning after June 30, 1982, is amended— (i) by inserting "to amr unused credit of the corporation under section 44F(g)(2)," after "44E(e)(2),", and (ii) by inserting "RESEARCH CREDITS," after "ALCOHOL FUEL CREDITS," in the section heading. (D) Section 383 (as in effect on the day before the date of the enactment of thie Tax Reform Act of 1976) is amended— (i) by inserting "to any unused credit of the corporation which could otherwise be carried forward under section 44F(g)(2)," after "44E(e)(2),", and (ii) by inserting "RESEARCH CREDITS," after "ALCOHOL FUEL CREDITS," in the section heading. (E) The table of sections for part V of subchapter C of chapter 1 is amended by inserting "alcohol fuel credits,

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