96 STAT. 450
PUBLIC LAW 97-248—SEPT. 3, 1982 (d) CARRYBACK AND CARRYOVER OF DISALLOWED CREDITS; TRANSITIONAL RULES.—
26 USC 907.
(1) TRANSITIONAL RULES.—Subsection (e) of section 907 (relating to transitional rules) is amended to read as follows: "(e) TRANSITIONAL RULES.— "(1) CREDITS ARISING IN TAXABLE YEARS BEGINNING BEFORE
Ante, p. 324.
JANUARY 1, 1983.—The amount of taxes paid or accrued in any taxable year beginning before January 1, 1983 (hereinafter in this paragraph referred to as the 'excess credit year') which under section 904(c) or 907(f) may be deemed paid or accrued in a taxable year beginning after December 31, 1982, shall not exceed the amount which could have been deemed paid or accrued if sections 907(b), 907(f), and 904(f)(4) (as in effect on the day before the date of the enactment of the Tax Equity and Fiscal Responsibility Act of 1982) remained in effect for taxable years beginning after December 31, 1982. "(2) CARRYBACK OF CREDITS ARISING IN TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 1982.—The amount of the taxes paid
or accrued in a taxable year beginning after December 31, 1982, which may be deemed paid or accrued under section 904(c) or 907(f) in a taxable year beginning before January 1, 1983, shall not exceed the amount which could have been deemed paid or accrued if sections 907(b), 907(f), and 904(f)(4) (as in effect on the day before the date of the enactment of the Tax Equity and Fiscal Responsibility Act of 1982) remained in effect for taxable years beginning after December 31, 1982." (2) R E P E A L O F 2 - P E R C E N T L I M I T A T I O N O N C A R R Y B A C K A N D CAR-
RYOVER OF DISALLOWED EXTRACTION TAXES.—
(A) IN GENERAL.—Paragraph (1) of section 907(f) (relating to carryback and carryover of disallowed credits) is amended— (i) by striking out "so much of such excess as does not exceed 2 percent of foreign oil and gas extraction income for such taxable year" and inserting in lieu thereof "such excess", (ii) by striking out the last sentence. (B) TECHNICAL AMENDMENTS.—
(i) Subparagraph (B) of section 907(f)(2) is amended— (I) by striking out "on taxes paid or accrued with respect to foreign oil related income", and (II) by striking out "with respect to such income" in clause (i). (ii) Subparagraph (A) of section 907(f)(3) is amended by striking out "with respect to oil-related income". (iii) Subparagraph (B) of section 907(f)(3) is amended by striking out "oil-related". 26 USC 907 note.
(e) EFFECTIVE D A T E. —
(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 1982. (2) RETENTION OF OLD SECTIONS 907(b) AND 904(f)(4) WHERE TAXPAYER HAD FOREIGN LOSS FROM AN ACTIVITY NOT RELATED TO
OIL AND GAS.—If, after applying old sections 907(b) and 904(f)(4) to a taxable year beginning before January 1, 1983, the taxpayer had a foreign loss attributable to activities not taken into account in determining foreign oil related income (as defined in old section 907(c)(2)), such loss shall not be recaptured from
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