72 S T A T. ] (b)
PUBLIC LAW 8 5 - 8 6 6 - S E P T. 2, 1958
1663
N E T OPERATING L O S S C A R R Y B A C K S. — S e c t i o n 6501 ( r e l a t i n g to
26 USC (5501.
l i m i t a t i o n s on assessment and collection) is amended by r e designating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection: "(h)
N E T OPERATING L o s s C A R R Y B A C K S. — I n the case of a deficiency
a t t r i b u t a b l e to the application to the tax p a y e r of a n e t operating loss c a r r y b a c k ( i n c l u d i n g deficiencies which may be assessed pursuant to the provisions of section 6213(b)(2)), such deficiency may b e a s sessed at any t i m e before the e x p i r a t i o n of the period w i t h i n which a deficiency for the tax a b l e year of the n e t operating loss which r e sults i n such c a r r y b a c k may be assessed." SEC. 82. LIMITATIONS ON CREDIT OR REFUND. (a)
P E R I O D TOR F I L I N G C L A I M. — The first sentence of section 6511
26 USC 6213.
26 USC e s i i.
( a j ( r e l a t i n g to period of l i m i t a t i o n for filing claim for credit o r r e r i m d) is amended to read as follows: " C l a i m for credit o r r e f u n d of a n o v e r payment of any tax imposed by t h i s title in respect of which tax the tax p a y e r is required to file a r e t u r n shall be filed by the tax p a y e r Muthin 3 year s from the time the r e t u r n w a s filed or 2 year s from the time the tax w a s p a i d, whichever of such periods expires the l a t e r, o r if no r e t u r n w a s filed by the tax p a y e r, w i t h i n 2 year s from the time the tax was paid." (b)
L I M I T ON A M O U N To r CREDIT OR R E F U N D. — The heading and the
first sentence of subparagraph (A) of section 6511(b)(2) ( r e l a t i n g to limit on a m o u n t of credit o r r e f u n d) a r e amended to read as f o l l o w s: "(A)
L I M I T W H E R E CLAIM FILED W I T H I N 3-YEAR PERIOD.—
I f the claim was filed by the tax p a y e r during the 3-year period prescribed i n subsection (a), the a m o u n t of the credit o r r e f u n d shall not exceed the p o r t i o n of the tax p a i d w i t h i n the period, i m m e d i a t e l y preceding the filing of the claim, equal to 3 year s p l u s the period of any extension of time for filing the r e t u r n. " (c)
CORRECTION o r H E A D I N G. — The heading of section 6511(b)
(2)
(B) is amended to read as follows: "(B) LIMIT PERIOD.—".
WHERE
CLAIM
N O T FILED
WITHIN
3-YEAR
(d) N E T OPERATING Loss CARRYBACKS.—The first sentence of section 6511 (d)(2)(A) ( r e l a t i n g to special period of l i m i t a t i o n for credit or r e f u n d in case of net operating loss c a r r y b a c k s) is amended by striking o u t " 1 5 t h d a y of the 39th month " and inserting i n lieu thereof "15th d a y of the 40th month ( o r 39th month, i n the case of a corporation) ". SEC. 83. CORRELATION OF INTEREST WHERE OVERPAYMENT OF TAX IS CREDITED AGAINST UNDERPAYMENT OF TAX. (a)
I N T E R E S T ON LTNDERPAYMENT S A T I S F I E D BY C R E D I T. —
(1) UNDERPAYMENT UNDER 1954 CODE.—Section 6601 (relating to interest on underpayments, etc.) is amended by redesignating subsections (g) and (h) as subsections (i) and (j), and by inserting after subsection (f) the following new subsection: " (g) SATISFACTION BY CREDITS.—If any portion of a tax is satisfied by credit of an overpayment, then no interest shall be imposed under this section on the portion of the tax so satisfied for any period during which, if the credit had not been made, interest would have been allowable with respect to such overpayment." (2) UNDERPAYMENT UNDER 1939 CODE.—Section 3794 of the Internal Revenue Code of 1939 (relating to interest on delinquent taxes) is amended by inserting " (a) General Rule.—" before 98395-59-PT. 1-105
26 USC 6601.
26 USC eeoi.
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