PUBLIC LAW 94-455—OCT. 4, 1976
90 STAT. 1599
back period for such loss. Such election shall be made by the due date (including extensions of time) for filnig the return for the taxable year of the loss from operations for which the election is to be in effect, and once made for any taxable year, such election shall be irrevocable for that taxable year." (2) M U T U A L iNsuRAisrcE COMPANIES.—
(A) IN GENERAL.—Section 825(d) is amended to read as 26 USC 825. follows: " (d) YEARS TO W H I C H CARRIED.—
" (1) IN GENERAL.—The unused loss for any taxable year shall be— " (A) an unused loss carryback to each of the 3 taxable years preceding the loss year, and " (B) an unused loss carryover to each of the 5 taxable years following the loss year. I n the case of an unused loss for a taxable year ending after December 31, 1975, such unused loss shall be an unused loss carryover to each of the 7 taxable years following the loss year. " (2) ELECTION FOR UNUSED LOSS CARRYBACKS.—In the case of a n
unused loss for any taxable year ending after December 31, 1975, the taxpayer may elect to relinquish the entire carryback period for such loss. Such election shall be made by the due date (including extensions of time) for filing the return for-the taxable year of the unused loss for which the election is to be in effect, and once made for any taxable year, such election shall be irrevocable for that taxable year." (e) AMENDMENT o r SECTION 382.—Section 382 ( r e l a t i n g to special
limitations on net operating loss carryovers) is hereby amended to read as follows: "SEC. 382. SPECIAL LIMITATIONS ON NET OPERATING LOSS CARRYOVER. " (a) CERTAIN ACQUISITIONS o r STOCK o r A CORPORATION.— " (1) IN GENERAL.—If—
" (A) on the last day of a taxable year of a corporation, " (B) any one or more of the persons described in paragraph (4)(B) own, directly or indirectly, a percentage of the total fair market value of the participating stock or of all the stock of the corporation which exceeds by more than 60 percentage points the percentage of such stock owned by such person or persons at— " (i) the beginning of such taxable year, or " ( i i) the beginning of the first or second preceding taxable year, and " (C) such increase in percentage points is attributable to— " (i) a purchase by such person or persons of such stock, or of the stock of another corporation owning stock in such corporation, or of an interest in a partnership o r trust owning stock in such corporation, " ( i i) an acquisition (by contribution, merger, or consolidation) of an interest in a partnership owning stock in such corporation, or an acquisition (by contribution, merger, or consolidation) by a partnership of such stock, " ( i i i) an exchange to which section 351 (relating to transfer to corporation controlled by transferor) applies, or a n acquisition by a corporation of such stock in an exchange i n which section 351 applies to the transferor,
26 USC 382.
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