Page:United States Statutes at Large Volume 98 Part 1.djvu/894

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PUBLIC LAW 98-000—MMMM. DD, 1984

98 STAT. 846 26 USC 6401.

PUBLIC LAW 98-369—JULY 18, 1984 (36) SECTION 6401 (b).—Subsection (b) of section 6401 (relating to excessive credits treated as overpayments) is amended to read as follows: "(b) EXCESSIVE CREDITS.—

Ante, p. 825.

"(1) IN GENERAL.—If the amount allowable as credits under subpart C of part IV of subchapter A of chapter 1 (relating to refundable credits) exceeds the tax imposed by subtitle A (reduced by the credits allowable under subparts A, B, and D of such part IV), the amount of such excess shall be considered an overpayment. "(2) SPECIAL RULE FOR CREDIT UNDER SECTION 33.—For pur-

Ante, p. 832.

poses of paragraph (1), any credit allowed under section 33 (relating to withholding of tax on nonresident aliens and on «iv../o '.=. foreign corporations) for any taxable year shall be treated as a credit allowable under subpart C of part IV of subchapter A of chapter 1 only if an election under subsection (g) or (h) of section 6013 is in effect for such taxable year." (37) SECTION 64ii.— 26 USC 6411. (A) So much of subsection (a) of section 6411 as precedes paragraph (2) thereof (relating to tentative carryback and refund adjustments) is amended to read as follows: •'^•--'i'^ '•'• "(a) APPLICATION FOR ADJUSTMENT.—A taxpayer may file an application for a tentative carryback adjustment of the tax for the prior taxable year affected by a net operating loss carryback provided in Ante, p. 828. section 172(b), by a business credit carryback provided in section 39, Ante, p. 826. by a research credit carryback provided in section 30(g)(2) or by a capital loss carryback provided in section 1212(a)(1), from any taxable year. The application shall be verified in the manner prescribed by section 6065 in the case of a return of such taxpayer and shall be filed, on or after the date of filing for the return for the taxable year of the net operating loss, net capital loss, or unused business credit from which the carryback results and within a period of 12 months <m Dai after such taxable year or, with respect to any portion of a research credit carryback or a business credit carryback attributable to a net operating loss carryback or a net capital loss carryback from a subsequent taxable year, within a period of 12 months from the end of such subsequent taxable year (or, with respect to any portion of a business credit carryback attributable to a research credit carryback from a subsequent taxable year within a period of 12 months from the end of such subsequent taxable year), in the manner and form required by regulations prescribed by the Secretary. The applications shall set forth in such detail and with such supporting data .irsdOBii and explanation as such regulations shall require— "(1) The amount of the net operating loss, net capital loss, unused research credit, or unused business credit;". (B) Subsections (b) and (c) of section 6411 are each amended by striking out "unused investment credit, unused work incentive program credit, unused new employee credit, unused research credit, or unused employee stock ownership credit" each place it appears and inserting in lieu "^ ' '- *; thereof "unused research credit, or unused business credit". 26 USC 6420, --^' (38) SECTIONS 6420(g)(2), ETC.—Sections 6420(g)(2), 6421(i)(3), 6421. and 6427(i)(3) are each amended by striking out "section 39" and Post, p. 1005. inserting in lieu thereof "section 34". 26 USC 6501. (39) SECTION 6501 (p).—Section 6501 is amended by striking

  • ^ out subsection (p) and by redesignating subsection (q) as subsection (p).