76 STAT. ]
PUBLIC LAW 8 7 - 8 3 4 - O C T. 16, 1962
971
rations) is amended by adding at the end thereof the following new section: "SEC. 181. DEDUCTION FOR CERTAIN UNUSED INVESTMENT CREDIT. "If the amount of the credit determined under section 46(a)(1) for Ante. p. 963. any taxable year exceeds the limitation provided by section 46(a)(2) for such taxable year and if the amount of such excess has not, after the application of section 46(b), been allowed to the taxpayer as a credit under section 38 for any taxable year,\hen an amount equal Ante, p. 962. to the amount of such excess not so allowed as a credit shall be allowed to the.taxpayer as a deduction for the first taxable year following the last taxable year in which such excess could under section 46(b) have been allowed as a credit. I f h taxpayer dies or ceases to exist prior to the first taxable year following the last taxable year in which the excess described in the preceding sentence could under section 46(b) have bee^i allowed as a credit, the amount described in the preceding sentence, or the proper portion thereof, shall, under regulations prescribed by the Secretary or his delegate, be allowed to the taxpayer as a deduction for the taxable year in which such death or cessation occurs." (d) CERTAIN CORPORATE ACQUISITIONS.—Section 381(c) (relating 26 USC asi. to items taken into account in certain corporate acquisitions) is amended by adding at the end thereof the following new paragraph: "(23) CREDIT UNDER SECTION 38 FOR INVESTMENT I N CERTAIN DEPRECIABLE PROPERTY,—The acquiring corporation shall take into
account (to the extent proper to carry out the purposes of this section and section 38, and under such regulations as may be prescribed by the Secretary or his delegate) the items required to be taken into account for purposes of section 38 in respect of the distributor or transferor corporation." (e) S T A T U T E S OF L I M I T A T I O N S AND I N T E R E S T R E L A T I N G TO INVESTMENT CREDIT CARRYBACKS.— (1) ASSESSMENT AND COLLECTION.—Section 6501 (relating to
limitations on assessment and collection) is amended by redesignating subsection (j) as subsection (k), and inserting after subsection (i) the following new subsection: "(j) INVESTMENT CREDIT CARRYBACKS.—In the case of a deficiency attributable to the application to the taxpayer of an investment credit carryback, such deficiency may be assessed at any time before the expiration of the period within which a deficiency for the taxable year of the unused investment credit which results in such carryback may be assessed." (2) CREDITOR-REFUND.—Subsection (d) of section 6511 (relating to limitations on credit or refund) is amended by adding after paragraph (3) thereof the following new paragraph: " (4) S P E C I A L PERIOD OF L I M I T A T I O N W I T H RESPECT TO INVESTMENT CREDIT CARRYBACKS.— " (A) PERIOD OF LIMITATION.—If the claim for credit or
refund relates to an overpayment attributable to an investment credit carryback, in lieu of the 3-year period of limitation prescribed in subsection (a), the period shall be that period which ends with the expiration of the 15th day of the 40th month (or 39th month, in the case of a corporation) following the end of the taxable year of the unused investment credit which results in such carryback, or the period prescribed in subsection (c) in respect of such taxable year, whichever expires later. I n the case of such a claim, the amount of the credit or refund may exceed the portion of the tax paid within the period provided in subsection (b)(2) or (c), whichever is applicable, to the extent of the amount of the overpayment attributable to such carryback.
26 USC 65oi.
26 USC 65ii.
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