A bill to provide for rearranging the period for averaging business profits and losses, to prohibit the trafficking in net operating loss carry-forwards.

Summary

Authorizes the taxpayer, under the Internal Revenue Code, to elect to carryback any net operating loss for a number of taxable years equal to which such loss could have been carried forward. Provides that such election may be revoked by the taxpayer at any time within 60 months after the close of the taxable year in which the election was made. Requires taxpayers using the election authorized by this Act, if he or she is obligated to repay any loan guaranteed by the Emergency Loan Guarantee Board, to pay the amount of any refund to the lender on such a loan. Authorizes, in cases of corporate reorganizations, acquiring corporations to use operating losses of loss corporations to the extent that the taxable income of the acquiring corporation is attributable to one or more trades or businesses conducted by the acquiring corporation substantially the same as such trades or businesses were conducted by the loss corporation prior to such reorganization.

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Documents

1 official file

• Introduced in House

  summary · EN · 22 July 1975

  Open at official source

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