92 STAT. 3630
26 USC 6072.
PUBLIC LAW 95-628—NOV. 10, 1978 the filing of an election under paragraph (1) for a taxable year ending before the date of such filing would be prevented, but for the application of this paragraph, before the expiration of one year after the date of such filing by any law or rule of law, then such deficiency (to the extent attributable to such election) may be assessed at any time before the expiration of such one-year period notwithstanding any law or rule of law which would otherwise prevent such assessment. SEC. 6. TIME FOR FILING INCOME TAX RETURNS IN THE CASE OF ORGANIZATIONS EXEMPT FROM TAXATION UNDER SECTION 501(a). (a) AMENDMENT OF SECTION 6072.—Section 6072 (relating to time for filing income tax returns) is amended by a d d i n g at the end thereof the following new subsection: "(e)
26 USC 501. 26 USC 401. 26 USC 6072 °ote.
26 USC 6073.
26 USC 6073 °°*®-
EXEMPT
FROM
TAXATION
UNDER
SECTION
5 0 1 (a). — I n the case of an income tax return of an organization exempt from taxation under section 501(a) (other than an employees' trust described in section 401(a)), a return shall be filed on or before the 15th day of the 5th month following the close of the taxable year." (b) EFFECTIVE D A T E. — The amendment made by subsection (a) shall apply to returns for taxable years beginning after the date of the enactment of this Act. SEC. 7. PERIOD FOR DETERMINING WHETHER A TAXPAYER IS A FARMER OR FISHERMAN FOR PURPOSES OF THE ESTIMATED TAX. (a) AMENDMENT OF SECTION 6073(b).—Subsection (b) of section 6073 (relating to time for filing declaration of estimated tax in case of farmers and fishermen) is amended to read as follows: "(b)
26 USC 6015.
ORGANIZATIONS
FARMERS OR F I S H E R M E N. — D e c l a r a t i o n s of
estimated
tax
required by section 6015 from any individual— " (1) whose estimated gross income from f a r m i n g or fishing (including oyster f a r m i n g) for the taxable year is at least two-thirds of the total estimated gross income from all sources for the taxable year, or " (2) whose gross income from f a r m i n g or fishing (including oyster farming) shown on the r e t u r n of the individual for the preceding taxable year is at least two-thirds of the total gross income from all sources shown on such return, may, in lieu of the time prescribed in subsection (a), be filed at any time on or before January 15 of the taxable year succeeding the taxable year." (b) EFFECTIVE D A T E. — The amendment made by subsection (a) shall a p p l y to declarations of estimated tax for taxable years beginn i n g after the date of the enactment of this Act. SEC. 8. PERIOD OF LIMITATIONS FOR CREDIT OR REFUND WITH RESPECT TO CERTAIN CARRYBACKS. (a) N E T OPERATING Loss OR CAPITAL Loss CARRYBACKS.—Subpara-
26 USC 6511.
g r a p h (A) of section 6 5 1 1 (d)(2) (relating to special period of limitation with respect to net operating loss or capital loss carrybacks) is amended by striking out "with the expiration of the 15th day of the 40th month (or the 39th month, in the case of a corporation) following the end of" and inserting in lieu thereof "3 years after the time prescribed by law for filing the r e t u r n (including extensions thereof) for".
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