96 STAT. 414
PUBLIC LAW 97-248—SEPT. 3, 1982 "(B) PRE-1983 YEARS.—In the case of loss years beginning before January 1, 1983, the amount of the net operating loss which may be carried over to taxable years beginning after December 31, 1982, for purposes of subparagraph (A), shall be equal to the amount which may be carried from the loss year to the first taxable year of the taxpayer beginning after December 31, 1982. "(e)
26 USC 165.
ALTERNATIVE TAX ITEMIZED DEDUCTIONS.—For purposes of
this section— "(1) IN GENERAL.—The term 'alternative tax itemized deductions' means an amount equal to the sum of any amount allowable as a deduction for the taxable year (other than a deduction allowable in computing adjusted gross income) under— "(A) section 165(a) for losses described in subsection (c)(3) or (d) of section 165, "(B) section 170 (relating to charitable deductions), "(C) section 213 (relating to medical deductions), "(D) this chapter for qualified interest, or "(E) section 691(c) (relating to deduction for estate teix). "(2) AMOUNTS WHICH MAY BE CARRIED OVER.—No amount shall be taken into account under paragraph (1) to the extent such amount may be carried to another taxable year for purposes of the regular tax. "(3) QUALIFIED INTEREST.—The term 'qualified interest' means the sum of— "(A) any qualified housing interest, and "(B) any amount allowed as a deduction for interest (other than qualified housing interest) to the extent such amount does not exceed the qualified net investment income of the taxpayer for the taxable year. "(4) QUALIFIED HOUSING INTEREST.—
' (A) IN GENERAL.—The term 'qualified housing interest' means interest which is paid or accrued during the taxable year on indebtedness which is incurred in acquiring, constructing, or substantially rehabilitating any property which— "(i) is the principal residence (within the meaning of section 1034) of the taxpayer at the time such interest accrues or is paid, or "(ii) is a qualified dwelling used by the taxpayer (or any member of his family within the meaning of section 267(c)(4)) during the taxable year. "(B) QuAUFiED DWELLING.—The term 'qualified dwelling'means any— "(i) house, "(ii) apartment, "(iii) condominium, or "(iv) mobile home not used on a transient basis (within the meaning of section 7701(a)(19XCXv)), including all structures or other property appurtenant thereto. "(C)
SPECIAL RULE FOR INDEBTEDNESS INCURRED BEFORE
JULY 1, 1982.—The term 'qualified housing interest' includes interest paid or accrued on indebtedness which— "(i) was incurred by the taxpayer before July 1, 1982, and
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