90 STAT. 1598 Ante, p. 1596.
26 USC 172. ^05^ p. 1755.
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(2) SECTION 46(g)(4).—Section 4 6 (g)(4) of the I n t e r n a l Revenue Code of 1954 (as added by subsection (a)) shall apply to taxable years beginning after December 31, 1975. SEC. 806. ADDITIONAL NET OPERATING LOSS CARRYOVER YEARS; LIMITATIONS ON NET OPERATING LOSS CARRYOVERS. (a) IN GENERAL.—Section 1 7 2 (b)(1)(B), as amended by section 1606(b) of this Act, is amended by adding a t the end thereof the following new sentence: " E x c e p t as provided in subparagraph s (C), (D), (E), and (F), a net operating loss for any taxable year ending after December 31, 1975, shall be a net operating loss carryover to each of the 7 taxable years following the taxable year of such loss." (b)
Post, p. 1769.
PUBLIC LAW 94-455—OCT. 4, 1976
REGULATED TRANSPORTATION CORPORATIONS.—
(1) IN GENERAL.—Section 1 7 2 (b)(1)(C) is amended by adding at the end thereof the following new sentence: " For any taxable year ending after December 31, 1975, the preceding sentence shall be applied by substituting '9 taxable years' for '7 taxable years'." (2) CONFORMING AMENDMENT. — Paragraph (3) of section 172
Post, p. 1769.
(g), as amended by section 1901(a) (29) of this Act, is amended— (A) by striking " and " at the end of subparagraph (A); (B) by striking the period at the end of subparagraph (B) and inserting in lieu thereof "; and "; and (C) by a d d i n g a t the end thereof the following new subparagraph: " (C) in the case of a net operating loss carryover from a loss year ending after December 31, 1'975, subparagraphs (A) and (B) shall be applied by substituting '8th taxable year' for the ' 6 t h taxable year ' and ' 9 t h taxable year ' for ' 7 t h taxable year.'" (c)
Post, p. 1769.
.,
(3),
INSURANCE C O M P A N I E S. — (1) L I F E INSURANCE COMPANIES.—
(A) IN GENERAL.—Paragraph (1) of section 812(b) is amended by a d d i n g a t the end thereof the following new sentence: " I n the case of an operations loss for any taxable year ending after December 31, 1975, this paragraph shall be applied by substituting '7 taxable years' for '5 taxable years'."
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(b)
^s amended by section 1901(a) (29) of this Act, is amended by adding a t the end thereof the following new subparagraph: " (E) Any tax p a y e r entitled to a carryback period under paragraph (1) may elect to relinquish the entire carryback period with respect to a net operating loss for any taxable year ending after December 31, 1975. Such election shall be made in such manner as may be prescribed by the Secretary, and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss for which the election is to be in effect. Such election, once made for any taxable year, shall be irrevocable for that taxable year." (d)
26 USC 812.
ELECTION TO FOREGO CARRYBACK PERIOD.—Section 172
(B)
ELECTION
TO FOREGO
CARRYBACK
PERIODS.—Section
812(b) is amended by a d d i n g a t the end thereof the following new paragraph: (3)
ELECTION FOR OPERATIONS LOSS CARRYBACKS.—In the case of
a loss from operations for any taxable year ending after December 31, 1975, the taxpayer may elect to relinquish the entire carry-
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