12 2 STA T .39 2 5PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8el e ctionsha ll b e m a d eins u ch manne r as ma y be p rescribed by the S ecretary and shall be made by the due date ( includin g e x tensions o f time ) for filing the taxpayer ’ s return for the taxable year of the net operating loss . Such election , once made for any taxable year, shall be irre v ocable for such taxable year. ‘ ‘( 4 ) EXCLUSION . —T he term ‘ q ualified disaster loss’ shall not include any loss w ith respect to any property described in section 1 4 0 0 N (p)( 3 ).’’. (c) L OSS DED UC T ION A LLO W ED IN C O MP UTIN G ALTE R N A TI V E M INIMUM TAXA B LE I NCOME.—Subsection (d) of section 56 is amended by adding at the end the following new paragraph
‘‘(3) NET OPERATING LOSS ATTRIBUTABLE TO F EDERALL Y DECLARED DISASTERS.—In the case of a taxpayer which has a qualified disaster loss (as defined by section 1 72 (b)(1)( J )) for the taxable year, paragraph (1) shall be applied by increasing the amount determined under subparagraph (A)(ii)(I) thereof by the sum of the carrybac k s and carryovers of such loss.’’. (d) CONFORMING AMENDMENTS.— (1) Clause (ii) of section 172(b)(1)( F ) is amended by inserting ‘‘or qualified disaster loss (as defined in subsection ( j ))’’ before the period at the end of the last sentence. (2) P aragraph (1) of section 172(i) is amended by adding at the end the following new flush sentence: ‘‘Such term shall not include any qualified disaster loss (as defined in subsection (j)).’’. (e) EFFECTIVE DATE.—The amendments made by this section shall apply to losses arising in taxable years beginning after December 31, 2007, in connection with disasters declared after such date. SEC.709 . WAIV E ROF CER T AI NM ORT G AGE REVEN U E B ON D RE Q UIRE - MENTS FO L LOWING FEDERALL Y DECLARED DISASTERS. (a) IN G ENERAL.—Subsection (k) of section 143 is amended by adding at the end the following new paragraph: ‘‘(12) SPECIAL RULES FOR RESIDENCES DESTROYED IN FEDER - ALLY DECLARED DISASTERS.— ‘‘(A) PRINCIPAL RESIDENCE DESTROYED.—At the election of the taxpayer, if the principal residence (within the meaning of section 121) of such taxpayer is— ‘‘(i) rendered unsafe for use as a residence by rea- son of a federally declared disaster occurring before January 1, 2010, or ‘‘(ii) demolished or relocated by reason of an order of the government of a State or political subdivision thereof on account of a federally declared disaster occurring before such date, then, for the 2-year period beginning on the date of the disaster declaration, subsection (d)(1) shall not apply with respect to such taxpayer and subsection (e) shall be applied by substituting ‘110’ for ‘ 9 0’ in paragraph (1) thereof. ‘‘( B ) PRINCIPAL RESIDENCE DAMAGED.— ‘‘(i) IN GENERAL.—At the election of the taxpayer, if the principal residence (within the meaning of section 121) of such taxpayer was damaged as the result of a federally declared disaster occurring before January Ap p licab ili ty.26USC5 6 no t e . Applicability. 26 USC 56.
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