PUBLIC LAW 97-362—OCT. 25, 1982
96 STAT. 1727
"(ii) CORPORATIONS MEMBERS OF MORE THAN i GROUP.—
For purposes of this subparagraph, if (but for this clause) a corporation would be a component member of more than 1 controlled group of corporations during the period described in clause (i)— "(I) if such corporation is a component member of a controlled group on October 1, 1982, such corporation shall be treated only as a component member of such group, or "(II) if subclause (I) does not apply, such corporation shall be treated as a component member of only the first such controlled group, "(iii) CONTROLLED GROUP OF CORPORATIONS DEFINED.—
For purposes of this subparagraph, the term 'controlled group of corporations' has the meaning given such term by section 1563(a) of the Internal Revenue Code of 1954, except that— "(I) 'more than 50 percent' shall be substituted for 'at least 80 percent' each place it appears in section 1563(a)(1) of such Code, and "(II) the determination shall be made without regard to subsections (a)(4), (b), and (e)(3)(C) of section 1563 of such Code.
26 USC 1563.
"(D) TREATMENT OF DEEMED LIQUIDATIONS UNDER SECTION
338.—If an election under section 338 of the Internal Revenue Code of 1954 is made during 1982 with respect to any qualified stock purchase (within the meaning of such section 338), the requirements of clauses (i) and (ii) of subparagraph (A) shall be treated as met with respect to the target corporation for purposes of applying section 338 of such Code. For purposes of this paragraph, an election to which subparagraph (A) applies by reason of this subparagraph shall be treated as a sale and a liquidation."
-Ante, p. 485.
SEC. 102. ADJUSTMENTS TO NET OPERATING LOSS CARRYBACK AND CARRYFORWARD RULES FOR FEDERAL NATIONAL MORTGAGE ASSOCIATION. (a) 10-YEAR CARRYBACK AND 5-YEAR CARRYFORWARD FOR LOSSES OTHER THAN MORTGAGE DISPOSITION LOSSES.—Paragraph (1) of sec-
tion 172(b) (relating to net operating loss carrybacks and carryovers) 26 USC 172. is amended by redesignating subparagraphs (H) and (I) as subparagraphs (I) and (J), respectively, and by inserting after subparagraph (G) the following new subparagraph: "(H) In the case of a net operating loss of the Federal National Mortgage Association for any taxable year beginning after December 31, 1981— "(i) such loss, to the extent it exceeds the FNMA mortgage disposition loss (within the meaning of subsection (i)), shall be— "(I) a net operating loss carryback to each of the 10 taxable years preceding the taxable year of the loss, and "(II) a net operating loss carryover to each of the 5 taxable years following the taxable year of the loss, and "(ii) the FNMA mortgage disposition loss shall be—
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