PUBLIC LAW 90-225-DEC. 27, 1967
equal to its adjusted basis for determining gain) of the taxpayer, determined as of the close of the taxable year of such loss without regard to any refund or credit of any overpayment of tax to which the taxpayer may be entitled under paragraph (1)(E), "(iii) the ag'gregate unadjusted basis of property described in section 1231(b)(1) (without regard to any holding period therein provided), the basis for which was determined under section 1012, which was acquired by the taxpayer during the period beginning with the first day of its fifth taxable year preceding the taxable year of such loss and ending with the last day of the taxable year of such loss, equals or exceeds the aggregate adjusted basis of property of such description of the taxpayer on, and determined as of, the first day of the fifth preceding taxable year, and "(iv) the taxpayer derived 50 percent or more of its gross receipts (other than gross receipts derived from the conduct of a lending or finance business), for the taxable year of such loss and for each of its 5 preceding taxable years, from the manufacture and production of units within the same single class of products, and 3 or fewer United States persons (including as one person an affiliated group as defined in section 1504(a)) other than the taxpayer manufactured and produced in the United States, in the calendar year ending in or with the taxable year of such loss, 85 percent or more of the total number of all units within such class of products manufactured and produced in the United States in such calendar year. " (F) For purposes of subparagraph (E) (iv)— " (i) the t«rm 'class of products' means any of the categories designated and numbered as a 'class of products' m the 1963 Census of Manufactures compiled and published by the Secretary of Commerce under title 13 of the United States Code, and " (ii) information compiled or published by the Secretary of Commerce, as part of or in connection with the Statistical Abstract of the United States or the census of manufactures, regarding the number of units of a class of products manufactured and produced in the United States during a calendar year, or, if such information should not be available, information so compiled or published regarding the number of such units shipped or sold by such manufacturers during a calendar year, shall constitute prima facie evidence of the total number of all units of such class of products manufactured and produced in the United States in such calendar year." (b) ISTo interest shall be paid or allowed with respect to any overpayment of tax resulting from the application of the amendments made by subsection (a) for any period prior to the date of the enactment of this Act. (c) The amendments made by subsection (a) shall apply with respect to net operating losses sustained in taxable years ending after December 31.1966. SEC. 4. (a) Section 815(f) of the Internal Revenue Code of 1954 (relating to definition of distribution) is amended— (1) by striking out "or" at the end of paragraph (2); (2) by striking out the period at the end of paragraph (3) and inserting in lieu thereof "; or"; and
68A Stat. 3 2 5.
" C l a s s of products."
68 Stat. 1012.
78 Stat. 859.