Page:United States Statutes at Large Volume 96 Part 1.djvu/455

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 413

"(i) the limitation of section 904(a) shall be increased 26 USC 904. by the amount of the limitation determined under subparagraph (C), and "(ii) any increase under subparagraph (B) shall be taken into account. "(3) CARRYOVER AND CARRYBACK OF CERTAIN CREDITS.—

"(A) IN GENERAL.—In the case of any taxable year in which a tax is imposed by this section, for purposes of determining the amount of any carryback or carryover of any applicable credit to any other taxable year, the amount of the applicable credit limitation for such taxable year shall be deemed to be— "(i) the amount of the applicable credit allowable for such taxable year (determined without regard to this paragraph), reduced (but not below zero) by "(ii) the amount of the tax imposed by this section for the taxable year, reduced by— "(I) the amount of the credit allowable under section 33(a), and "(II) the amount of such tax taken into account under this clause with respect to any applicable credit having a lower number or letter designation. "(B) APPLICABLE CREDITS, ETC.—For purposes of this paragraph— "(i) APPLICABLE CREDIT.—The term 'applicable credit' means any credit Eillowable under section 38, 40, 44B, 44C, 44E, or 44F. "(ii) APPLICABLE CREDIT LIMITATION.—The term 'applicable credit limitation' means, with respect to any applicable credit, the limitation under section 46(a)(3), 53(a), 44C(b)(5), 44E(e)(l), 44F(g)(l), or 50A(a)(2), whichever is appropriate. "(d)

ALTERNATIVE

TAX

NET

OPERATING

LOSS

DEDUCTION

DEFINED.—For purposes of this section— "(1) IN GENERAL.—The term 'alternative tax net operating loss deduction' means the net operating loss deduction allowable for the taxable year under section 172, except that in determining the amount of such deduction— "(A) in the case of taxable years beginning after December 31, 1982, section 172(b)(2) shall be applied by substituting 'alternative minimum taxable income' for 'tsixable income' each place it appears, and "(B) the net operating loss (within the meaning of section 172(c)) for any loss year shall be adjusted as provided in paragraph (2). "(2)

ADJUSTMENTS TO NET OPERATING LOSS COMPUTATION.— "(A) PosT-1982 LOSS YEARS.—In the case of a loss year

beginning after December 31, 1982, the net operating loss for such year under section 172(c) shall— "(i) be reduced by the amount of the items of tax preference arising in such year which are taken into account in computing the net operating loss, and "(ii) be computed by taking into account only itemized deductions which are alternative tax itemized deductions for the taxable year and which are otherwise described in section 172(c).

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