59 STAT.] 79rH CONG. , 1ST SESS.-CH. 340 -JULY 31, 1945 (e) Section 276 of the Internal Revenue Code is amended by insert- ing immediately following subsection (c) the following new sub- section: "(d) NrE OPERATING Loss CARRY-BACKS AND UNUsED EXCEss PROFTrs CREDrr CARRY-BACKS.- A deficiency attributable to the appli- cation to the taxpayer of a net operating loss carry-back or an unused excess profits credit carry-back, including deficiencies which may be assessed pursuant to the provisions of section 3780 (b) and (c), may be assessed at any time prior to the expiration of the period within which a deficiency may be assessed with respect to the taxable year of the claimed net operating loss or unused excess profits credit resulting in such carry-back." (f) EFFEcrvE DATEM-The amendments made by this section shall be applicable with respect to all taxable years beginning after Decem- ber 31, 1940, except that the amendment made by subsection (d) shall not be applicable to any taxable year with respect to which the tax- payer and the Commissioner have entered into a closing agreement under the provisions of section 3760, prior to the date of enactment of this Act, in any case in which it is expressly provided in such closing agreement that the tax liability for such taxable year is not to be affected by a net operating loss carry-back or by an unused excess profits credit carry-back. SEC. 6 . INTEREST IN CONNECTION WITH CARRY-BACKS. (a) Section 292 of the Internal Revenue Code is amended by adding at the end thereof the following new subsection: "(c) DEFICIENcY RESULTING FROM CARRY-BACK AND RELATED MATTERS. - I f any part of a deficiency is determined by the Commis- sioner to be attributable (A) to a carry-back to which an overpay- ment described in section 3771 (e), or a decrease determined under section 3780 (b), in any other tax is attributable, or (B) to an error in the amount or effect of a carry-back which resulted in a credit or refund of an overpayment with interest computed pursuant to section 3771 (e), or in a decrease determined under section 3780 (b), no interest shall be assessed or paid under subsection (a) with respect to such part of the deficiency for any period during which interest was not allowed with respect to such overpayment or for a period prior to the application of such decrease." (b) Section 3771 (e) of the Internal Revenue Code is amended by substituting a semicolon for the period at the end thereof and adding the following: "nor for any period beginning with the date of filing of an application under section 3780 (a) relating to such part of the overpayment and ending with the last date the Commissioner's deter- mination is required to be made under section 3780 (b); nor, in case an application is made under section 3780 (a), for any period before the first day of the month immediately following the month in which falls the last date prescribed by law (including any extension of time granted the taxpayer) for filing the return for the taxable year of the net operating loss or unused excess profits credit, or before the date on which the return is filed, whichever is later." SEC. 7 . TENTATIVE ADJUSTMENTS WITH RESPECT TO AMORTIZA- TION DEDUCTIONS. Section 124 of the Internal Revenue Code is amended by inserting at the end thereof the following new subsections: "(j) APPLICATION FOR TENTATIVr ADJUSTrxNT. -Any taxpayer who has fled a statement of election as prescribed in paragraph (4) of sub- section (d) may, within ninety days from the date such statement is filed, or within ninety days from the date of enactment of this Act, whichever is the later, file an application for tentative adjustment 83 8tat. 87. 2U.S.o. 276. Pot, p. 69. Ante, p. 22. 8aStat. 462. 26U. 8. 0. 13760. 83 Stat. 88 . 26 U. S. C., Supp. IV, 292 . 66 Stat. 848. 28 U. S. C., Supp. IV, 3771 (e). Infra. Ante, p. 522. M 8tat. 848 26 U. S. C., Supp. IV, a3771(e). Amt, p. 61. 54Mtat. 998 26U.8.0. 12X; Supp. IV, 124.
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