26 U.S.C. 172: Net operating loss deduction

2020

• Pub. L. 116–136, §2303(a)(1), substituted "an amount equal to—" and pars. (1) and (2) for "an amount equal to the lesser of— (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (a)
• Pub. L. 116–136, §2303(c)(2), amended subpar. (A) generally. Prior to amendment, text read as follows: "Except as otherwise provided in this paragraph, a net operating loss for any taxable year— (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (b)
• Pub. L. 116–136, §2303(b)(2), substituted ", (C)(i), and (D)" for "and (C)(i)". (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (b)
• Pub. L. 116–136, §2303(b)(1), added subpar. (D). (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (b)
• Pub. L. 116–136, §2303(a)(2)(A), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: "not exceed the amount determined under subsection (a)(2) for such prior taxable year." (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (b)
• Pub. L. 116–136, §2303(a)(2)(B), substituted "subsection (a)(2)(B)(ii)(I)" for "subsection (a)(2)". (Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act) Law text · (d)

2018

• Pub. L. 115–141, §401(a)(53), substituted "sections 243" for "section 243". (Consolidated Appropriations Act, 2018) Law text · (d)
• Pub. L. 115–141, §101(a)(2)(B), substituted "Any deduction" for "The deduction". (Consolidated Appropriations Act, 2018) Law text · (d)

2017

• Pub. L. 115–97, §13302(a)(1), amended subsec. (a) generally. Prior to amendment, text read as follows: "There shall be allowed as a deduction for the taxable year an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss car… Law text · (a)
• Pub. L. 115–97, §13302(b)(1)(A), substituted "except as otherwise provided in this paragraph, shall not be a net operating loss carryback to any taxable year" for "shall be a net operating loss carryback to each of the 2 taxable years". Law text · (b)
• Pub. L. 115–97, §13302(b)(1)(B), substituted "to each taxable year" for "to each of the 20 taxable years". Law text · (b)
• Pub. L. 115–97, §13302(b)(2), (c)(1), added subpar. (B) and struck out former subpar. (B). Prior to amendment, text read as follows: Law text · (b)
• Pub. L. 115–97, §13302(b)(2), (d)(1), added subpar. (C) and struck out former subpar. (C). Prior to amendment, text read as follows: "In the case of a taxpayer which has a specified liability loss (as defined in subsection (f)) for a taxable year, such specified liability loss sh… Law text · (b)
• Pub. L. 115–97, §13302(b)(2), struck out subpars. (D) to (F) which related to corporate equity reduction interest loss, retention of 3-year carryback in certain cases, and farming losses, respectively. Law text · (b)
• Pub. L. 115–97, §13302(a)(2), substituted "shall—" and subpars. (A) to (C) for "shall be computed— Law text · (b)
• Pub. L. 115–97, §13302(a)(3), added subpar. (C). Law text · (d)
• Pub. L. 115–97, §13305(b)(3), struck out par. (7). Text read as follows: "The deduction under section 199 shall not be allowed." Law text · (d)
• Pub. L. 115–97, §11011(d)(1), added par. (8). Law text · (d)
• Pub. L. 115–97, §14202(b)(1), added par. (9). Law text · (d)
• Pub. L. 115–97, §13302(d)(2), added subsec. (f) and redesignated former subsec. (f) as (g). Law text · (f), (g)
• Pub. L. 115–97, §13302(c)(2)(A), redesignated subsec. (i) as (f) and struck out former subsecs. (f) and (g) which related to rules relating to specified liability loss and corporate equity reduction interest losses, respectively. Law text · (f), (g)
• Pub. L. 115–97, §13302(c)(2)(A), struck out subsec. (h) relating to farming loss rules and redesignated subsec. (i) as (f). Law text · (h), (i)

2014

• Pub. L. 113–295, §221(a)(30)(A)(i), redesignated subpar. (E) as (D) and struck out former subpar. (D). Prior to amendment, text of subpar. (D) read as follows: "In the case of any bank (as defined in section 585(a)(2)), the portion of the net operating loss for any taxable year b… Law text · (b)
• Pub. L. 113–295, §221(a)(30)(B)(i), struck out "ending after August 2, 1989" after "loss limitation year". Law text · (b)
• Pub. L. 113–295, §221(a)(30)(B)(ii), substituted "subsection (g)" for "subsection (h)". Law text · (b)
• Pub. L. 113–295, §221(a)(30)(A)(i), redesignated subpar. (F) as (E). Former subpar. (E) redesignated (D). Law text · (b)
• Pub. L. 113–295, §221(a)(30)(B)(iv), substituted "subsection (h))." for "subsection (i)) or qualified disaster loss (as defined in subsection (j))." in concluding provisions. Law text · (b)
• Pub. L. 113–295, §221(a)(30)(B)(iii), substituted "section 165(i)(5)" for "section 165(h)(3)(C)(i)". Law text · (b)
• Pub. L. 113–295, §221(a)(30)(B)(v), substituted "subsection (h)" for "subsection (i)". Law text · (b)
• Pub. L. 113–295, §221(a)(30)(A)(i), redesignated subpar. (G) as (F). Former subpar. (F) redesignated (E). Law text · (b)
• Pub. L. 113–295, §211(c)(1)(B), substituted "section 165(h)(3)(C)(i)" for "subsection (h)(3)(C)(i)". Law text · (b)
• Pub. L. 113–295, §221(a)(30)(A)(i), redesignated subpar. (G) as (F) and struck out subpars. (H) to (J) which related to carryback for 2008 or 2009 net operating losses, transmission property and pollution control investment, and certain losses attributable to federally dec… Law text · (b)
• Pub. L. 113–295, §221(a)(41)(B), amended par. (5) generally. Prior to amendment, text read as follows: "The deductions allowed by sections 243 (relating to dividends received by corporations), 244 (relating to dividends received on certain preferred stock of public utilities), and 2… Law text · (d)
• Pub. L. 113–295, §221(a)(30)(A)(ii), redesignated subsec. (h) as (g) and struck out former subsec. (g) which related to rules relating to bad debt losses of commercial banks. Law text · (g)
• Pub. L. 113–295, §221(a)(30)(B)(vi), struck out subpar. (F). Text read as follows: "If any of the 3 taxable years described in subparagraph (C)(ii) end on or before August 2, 1989, the taxpayer may substitute for the amount determined under such subparagraph an amount equal to th… Law text · (g)
• Pub. L. 113–295, §221(a)(30)(B)(vii), substituted "subsection (b)(1)(D)" for "subsection (b)(1)(E)". Law text · (g), (C)
• Pub. L. 113–295, §221(a)(30)(A)(ii), redesignated subsec. (i) as (h). Former subsec. (h) redesignated (g). Law text · (h)
• Pub. L. 113–295, §221(a)(30)(B)(viii), struck out concluding provisions which read as follows: "Such term shall not include any qualified disaster loss (as defined in subsection (j))." Law text · (h)
• Pub. L. 113–295, §221(a)(30)(B)(ix), substituted "subsection (b)(1)(F)" for "subsection (b)(1)(G)" in two places. Law text · (h)
• Pub. L. 113–295, §221(a)(30)(A)(ii), redesignated subsecs. (i) and (k) as (h) and (i), respectively, and struck out subsec. (j) which related to rules relating to qualified disaster losses. Law text · (i), (j), (k)

2009

• Pub. L. 111–92 amended subpar. (H) generally. Prior to amendment, subpar. (H) provided for carryback for 2008 net operating losses of small businesses. (Worker, Homeownership, and Business Assistance Act of 2009) Law text · (b)
• Pub. L. 111–5, §1211(a), amended subpar. (H) generally. Prior to amendment, subpar. (H) read as follows: "In the case of a net operating loss for any taxable year ending during 2001 or 2002, subparagraph (A)(i) shall be applied by substituting '5' for '2' and subparagraph (F) shall not apply." (American Recovery and Reinvestment Act of 2009) Law text · (b)
• Pub. L. 111–5, §1211(b), redesignated subsec. (l) as (k) and struck out former subsec. (k). Prior to amendment, text read as follows: "Any taxpayer entitled to a 5-year carryback under subsection (b)(1)(H) from any loss year may elect to have the carryback period with respect to … (American Recovery and Reinvestment Act of 2009) Law text · (k), (l)

2008

• Pub. L. 110–343, §708(d)(1), inserted "or qualified disaster loss (as defined in subsection (j))" before period at end of concluding provisions. (Emergency Economic Stabilization Act of 2008) Law text · (b)
• Pub. L. 110–343, §706(a)(2)(D)(v), substituted "federally declared disasters (as defined by subsection (h)(3)(C)(i))" for "Presidentially declared disasters (as defined in section 1033(h)(3))". (Emergency Economic Stabilization Act of 2008) Law text · (b)
• Pub. L. 110–343, §706(a)(2)(D)(vi), substituted "federally declared disasters" for "Presidentially declared disasters". (Emergency Economic Stabilization Act of 2008) Law text · (b)
• Pub. L. 110–343, §708(a), added subpar. (J). (Emergency Economic Stabilization Act of 2008) Law text · (b)
• Pub. L. 110–343, §708(d)(2), inserted concluding provisions. (Emergency Economic Stabilization Act of 2008) Law text · (i)
• Pub. L. 110–343, §708(b), added subsec. (j) and redesignated former subsecs. (j) and (k) as (k) and (l), respectively. (Emergency Economic Stabilization Act of 2008) Law text · (j), (k), (l)

2005

• Pub. L. 109–58 added subpar. (I). (Energy Policy Act of 2005) Law text · (b)
• Pub. L. 109–135, §402(f)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: "At the election of the taxpayer in any taxable year ending after December 31, 2005, and before January 1, 2009, in the case of a net operating l… (Gulf Opportunity Zone Act of 2005) Law text · (b)
• Pub. L. 109–135, §402(f)(2), substituted "for a taxable year" for "in a taxable year". (Gulf Opportunity Zone Act of 2005) Law text · (b)
• Pub. L. 109–135, §402(f)(3), added cl. (iv), redesignated cl. (vi) as (v), and struck out former cls. (iv) and (v) which read as follows: (Gulf Opportunity Zone Act of 2005) Law text · (b)
• Pub. L. 109–135, §403(a)(17), added par. (7). (Gulf Opportunity Zone Act of 2005) Law text · (d)

2004

• Pub. L. 108–311 struck out "a taxpayer which has" after "In the case of". (Working Families Tax Relief Act of 2004) Law text · (b)

2002

• Pub. L. 107–147, §417(8), substituted "3 taxable years" for "3 years" and "2 taxable years" for '2 years". (Job Creation and Worker Assistance Act of 2002) Law text · (b)
• Pub. L. 107–147, §102(a), added subpar. (H). (Job Creation and Worker Assistance Act of 2002) Law text · (b)
• Pub. L. 107–147, §102(b), added subsec. (j) and redesignated former subsec. (j) as (k). (Job Creation and Worker Assistance Act of 2002) Law text · (j), (k)

1998

• Pub. L. 105–277, §2013(c), inserted concluding provisions. (Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999) Law text · (b)
• Pub. L. 105–277, §4003(h), added cl. (iv). (Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999) Law text · (b)
• Pub. L. 105–277, §2013(a), added subpar. (G). (Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999) Law text · (b)
• Pub. L. 105–277, §4004(a), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: "any deduction allowable under section 165(c)(3) (relating to casualty losses) shall not be taken into account; and". (Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999) Law text · (d)
• Pub. L. 105–277, §3004(a), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: "Any amount (not described in subparagraph (A)) allowable as a deduction under this chapter with respect to a liability which arises under a Federal or State law or out of a… (Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999) Law text · (f)
• Pub. L. 105–277, §2013(b), added subsec. (i) and redesignated former subsec. (i) as (j). (Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999) Law text · (i), (j)

1997

• Pub. L. 105–34, §1082(a)(1), substituted "2" for "3". (Taxpayer Relief Act of 1997) Law text · (b)
• Pub. L. 105–34, §1082(a)(2), substituted "20" for "15". (Taxpayer Relief Act of 1997) Law text · (b)
• Pub. L. 105–34, §1082(b), added subpar. (F). (Taxpayer Relief Act of 1997) Law text · (b)

1996

• Pub. L. 104–188, §1702(h)(2), substituted "subsection (h)" for "subsection (m)". (Small Business Job Protection Act of 1996) Law text · (b)
• Pub. L. 104–188, §1704(t)(5), substituted "corporation." for "corporation," at end. (Small Business Job Protection Act of 1996) Law text · (h)
• Pub. L. 104–188, §1704(t)(30), substituted "For purposes of subsection (b)(2)—" for "For purposes of subsection (b)(2)" in introductory provisions. (Small Business Job Protection Act of 1996) Law text · (h)
• Pub. L. 104–188, §1702(h)(16), substituted "(b)(1)(E)" for "(b)(1)(M)". (Small Business Job Protection Act of 1996) Law text · (h)

1993

• Pub. L. 103–66, §13113(d)(1)(A), amended heading and text of par. (2) generally. Prior to amendment, text read as follows: "In the case of a taxpayer other than a corporation, the amount deductible on account of losses from sales or exchanges of capital assets shall not exceed the a… · (d)
• Pub. L. 103–66, §13113(d)(1)(B), which directed the insertion of ", (2)(B)," after "paragraph (1)", was executed by making the insertion after "paragraphs (1)" to reflect the probable intent of Congress. · (d)

1990

• Pub. L. 101–508, §11811(a), amended subsec. (b) generally, substituting present provisions for provisions delineating years to which loss may be carried, relating to amount of carrybacks and carryovers, and providing for special rules for foreign expropriation losses. · (b)
• Pub. L. 101–508, §11701(d), struck out "a C corporation" after "means" in introductory provisions, substituted "a C corporation which acquires" for "which acquires" in subcl. (I), "a C corporation" for "a corporation" in subcl. (II), and "any C corporation which is a success… · (b)
• Pub. L. 101–508, §11811(b)(1), (2)(A), redesignated subsec. (j) as (f), substituted heading for one which read: "Rules relating to product liability losses", and amended text generally, substituting present provisions for provisions defining terms "product liability loss" and "product … · (f)
• Pub. L. 101–508, §11811(b)(1), redesignated subsec. (l) as (g) and struck out former subsec. (g) which related to carryover of net operating losses for certain regulated transportation corporations. · (g)
• Pub. L. 101–508, §11811(b)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: "In applying paragraph (2) of subsection (b), the portion of the net operating loss for any taxable year which is attributable to the deduction allowed under section 166(a) shall… · (g)
• Pub. L. 101–508, §11811(b)(1), redesignated subsec. (m) as (h) and struck out former subsec. (h) which defined "foreign expropriation loss". · (h)
• Pub. L. 101–508, §11324(a), in par. (3)(B)(ii), formerly subsec. (m)(3)(B)(ii), substituted heading for one which read: "Exceptions" and amended text generally. Prior to amendment, text read as follows: "The term 'major stock acquisition' shall not include— · (h)
• Pub. L. 101–508, §11811(b)(4), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: "In applying paragraph (2) of subsection (b), the corporate equity reduction interest loss shall be treated in a manner similar to the manner in which a foreign expropri… · (h)
• Pub. L. 101–508, §11704(a)(2), substituted "subsection (b)(2)" for "subsection (B)(2)" in heading. · (h)
• Pub. L. 101–508, §11811(b)(1), redesignated subsec. (n) as (i) and struck out former subsec. (i) which provided for rules relating to mortgage disposition losses of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. · (i)
• Pub. L. 101–508, §11811(b)(1), redesignated subsec. (j) as (f). · (j)
• Pub. L. 101–508, §11811(b)(1), struck out subsec. (k) which related to definitions and special rules relating to deferred statutory or tort liability losses. · (k)
• Pub. L. 101–508, §11811(b)(1), redesignated subsecs. (l) to (n) as (g) to (i), respectively. · (l), (m), (n)

1989

• Pub. L. 101–239, §7211(a), added subpar. (M). · (b)
• Pub. L. 101–239, §7211(b), added subsec. (m) and redesignated former subsec. (m) as (n). · (m), (n)

1988

• Pub. L. 100–647, §1009(c)(2), substituted "Except as otherwise provided in this paragraph, a net operating loss" for "Except as provided in subparagraphs (D), (E), (F), (G), (H), (I), (J), (K), (L), and (M), a net operating loss". · (b)
• Pub. L. 100–647, §1009(c)(3), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: "Except as provided in subparagraphs (C), (D), and (E), a net operating loss for any taxable year ending after December 31, 1955, shall be a net operating loss carryover … · (b)
• Pub. L. 100–647, §1009(c)(1), redesignated subpars. (L) and (M) as (K) and (L), respectively. · (b)
• Pub. L. 100–647, §1003(a)(1), substituted "paragraphs (1) and (3)" for "paragraphs (1), (2)(B), and (3)". · (d)

1986

• Pub. L. 99–514, §903(b)(2)(A), (B), inserted reference to subpars. (L) and (M). · (b), (B)
• Pub. L. 99–514, §903(a)(1), inserted "and before January 1, 1987,". · (b)
• Pub. L. 99–514, §901(d)(4)(B), substituted "referred to in section 582(c)(5)" for "to which section 585, 586, or 593 applies". · (b)
• Pub. L. 99–514, §903(a)(2), inserted "and before January 1, 1987,". · (b)
• Pub. L. 99–514, §903(a)(3)(A), struck out "after December 31, 1981," and inserted "after December 31, 1981, and before January 1, 1987,". · (b)
• Pub. L. 99–514, §903(a)(3)(B), which directed that subpar. (H) be amended by striking out "after December 31, 1984," and inserting "after December 31, 1984, and before January 1, 1987,", was executed by striking out "after December 31, 1984" and inserting "after December 31, 1984, and before Januar… · (b)
• Pub. L. 99–514, §1303(b)(1), redesignated subpar. (K) as (J) and struck out former subpar. (J) which read as follows: "In the case of an electing GSOC which has a net operating loss for any taxable year such loss shall not be a net operating loss carryback to any taxable yea… · (b), (K)
• Pub. L. 99–514, §903(b)(1), added subpars. (L) and (M). · (b), (M)
• Pub. L. 99–514, §301(b)(3), amended par. (2) generally. Prior to amendment, par. (2) read as follows: "In the case of a taxpayer other than a corporation— · (d)
• Pub. L. 99–514, §1899A(6), added heading. · (d)
• Pub. L. 99–514, §104(b)(4), struck out par. (7), zero bracket amount, which read as follows: "In the case of a taxpayer other than a corporation, the zero bracket amount shall be treated as a deduction allowed by this chapter. For purposes of subsection (c)— · (d)
• Pub. L. 99–514, §1303(b)(2), substituted "subsection (b)(1)(J)" for "subsection (b)(1)(K)". · (k), (4)
• Pub. L. 99–514, §903(b)(2)(C), added subsec. (l) and redesignated former subsec. (l) as (m). · (l), (m)

1984

• Pub. L. 98–369, §91(d)(3)(A), substituted "(J), and (K)" for "and (J)". · (b)
• Pub. L. 98–369, §177(c)(1)(A), inserted ", or a net operating loss of the Federal Home Loan Mortgage Corporation for any taxable year beginning after December 31, 1984" in introductory provisions. · (b)
• Pub. L. 98–369, §177(c)(1)(B), (C), struck out "FNMA" before "mortgage disposition loss". · (b), (ii)
• Pub. L. 98–369, §91(d)(1), added subpar. (K). · (b)
• Pub. L. 98–369, §722(a)(4)(A), substituted "and (5)" for "and (6)". · (b)
• Pub. L. 98–369, §491(d)(5), struck out "or section 405(c)" after "section 404". · (d)
• Pub. L. 98–369, §722(a)(4)(B), redesignated pars. (7) and (8) as (6) and (7), respectively. · (d)
• Pub. L. 98–369, §91(d)(3)(B), substituted "this section" for "subsection (b)" in introductory provisions. · (h)
• Pub. L. 98–369, §177(c)(2), substituted "Mortgage disposition loss of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation" for "FNMA mortgage disposition loss" in heading and struck out "FNMA" before "mortgage disposition loss" wherever appearing in … · (i)
• Pub. L. 98–369, §91(d)(3)(B), substituted "this section" for "subsection (b)" in introductory provisions. · (j)
• Pub. L. 98–369, §91(d)(2), added subsec. (k) and redesignated former subsec. (k) as (l). · (k), (l)

1982

• Pub. L. 97–362, §102(c)(1), substituted "(H), (I), and (J)" for "(H), and (I)". · (b)
• Pub. L. 97–362, §102(c)(2), substituted "(H), and (J)" for "and (I)". · (b)
• Pub. L. 97–362, §102(a), added subpar. (H). Former subpar. (H) redesignated (I). · (b)
• Pub. L. 97–362, §102(a), (c)(3), redesignated former subpar. (H) as (I) and substituted "subsection (j)" for "subsection (i)". Former subpar. (I) redesignated (J). · (b)
• Pub. L. 97–362, §102(a), redesignated former subpar. (I) as (J). · (b)
• Pub. L. 97–354 struck out subsec. (f) relating to net operating loss of electing small business corporation. · (f)
• Pub. L. 97–362, §102(b), added subsec. (i). Former subsec. (i) redesignated (j). · (i)
• Pub. L. 97–362, §102(b), (c)(4), redesignated former subsec. (i) as (j) and, in par. (3) of subsec. (j) as so redesignated, substituted "subsection (b)(1)(I)" for "subsection (b)(1)(H)" wherever appearing. Former subsec. (j) redesignated (k). · (j)
• Pub. L. 97–362, §102(b), redesignated former subsec. (j) as (k). · (k)

1981

• Pub. L. 97–34, §207(a)(1), substituted "15 taxable years" for "7 taxable years". · (b)
• Pub. L. 97–34, §207(a)(2)(A), substituted "ending after December 31, 1955, and before January 1, 1976, shall" for "ending after December 31, 1955, shall" and struck out provision that, for any taxable year ending after Dec. 31, 1975, the preceding sentence was to be applied by su… · (b)
• Pub. L. 97–34, §207(a)(2)(B)(i), substituted "15" for "8". · (b)
• Pub. L. 97–34, §207(a)(2)(B)(ii), struck out designation subclause "(I)" for provisions prohibiting a loss carryback to any taxable year which is a REIT year and struck out provision formerly designated as subclause (II) directing that the number of taxable years to which a l… · (b)
• Pub. L. 97–34, §207(a)(2)(C), struck out subpar. (C) which provided that, in the case of a net operating loss carryover from a loss year ending after Dec. 31, 1975, subpars. (A) and (B) were to be applied by substituting "8th taxable year" for "6th taxable year" and "9th taxable … · (g)

1980

• Pub. L. 96–222, §106(a)(6), substituted ", (H), and (I)" for "and (H)". · (b)
• Pub. L. 96–222, §103(a)(15), amended directory language of Pub. L. 95–600, §371(a)(2), to correct an error, and did not involve any change in text. See 1978 Amendment note for subsec. (b)(1)(A) below. · (b)
• Pub. L. 96–222, §106(a)(7), substituted "(G), and (I)" for "and (G)". · (b)
• Pub. L. 96–595 generally revised subpar. (E) to permit a trust which was formerly a real estate investment trust an additional year of carryforward of net operating losses for each year it was denied a net operating loss carryback because of its status as a real estate investment… · (b)
• Pub. L. 96–222, §106(a)(1), redesignated former subpar. (H), added by section 601(b) of Pub. L. 95–600 relating to an electing GSOC, as (I). · (b)

1978

• Pub. L. 95–600, §371(a)(2), as amended by Pub. L. 96–222, §103(a)(15), substituted "(G), and (H)" for "and (G)". · (b)
• Pub. L. 95–600, §703(p)(1)(A), struck out provisions relating to net operating loss carryback with respect to a taxable year ending on or after Dec. 31, 1962, for which a certification has been issued under section 317 of the Trade Expansion Act of 1962. · (b)
• Pub. L. 95–600, §701(d)(1), inserted reference to subpar. (G). · (b)
• Pub. L. 95–600, §371(a)(1), added subpar. (H) relating to product liability losses. · (b)
• Pub. L. 95–600, §601(b)(1), added subpar. (H) relating to an electing GSOC. · (b)
• Pub. L. 95–600, §703(p)(1)(B), redesignated subpar. (C) as (A). Former subpar. (A), which related to conditions for application of paragraph (1)(A)(ii), was struck out. · (b)
• Pub. L. 95–600, §703(p)(1)(B), (C), redesignated subpar. (D) as (B) and substituted "subparagraph (A)(iii)" for "subparagraph (C)(iii)". Former subpar. (B), which related to the applicability of paragraph (1)(A)(ii) to partnerships and electing small business corporations, was st… · (b)
• Pub. L. 95–600, §703(p)(1)(B), redesignated subpar. (E) as (C). Former subpar. (C) redesignated (A). · (b)
• Pub. L. 95–600, §703(p)(1)(B), redesignated subpars. (D) and (E) as (B) and (C), respectively. · (b), (E)
• Pub. L. 95–600, §371(b), added subsec. (i) and redesignated former subsec. (i) as (j). · (i), (j)

1977

• Pub. L. 95–30 added par. (8). · (d)

1976

• Pub. L. 94–455, §806(a), inserted "Except as provided in subparagraphs (C), (D), (E), and (F), a net operating loss for any taxable year ending after December 31, 1975, shall be a net operating loss carryover to each of the 7 taxable years following the taxable year of such loss"… · (b)
• Pub. L. 94–455, §§806(b)(1), 1901(a)(29)(C)(ii), inserted "For any taxable year ending after December 31, 1975, the preceding sentence shall be applied by substituting '9 taxable years' for '7 taxable years' " after "year of such loss", substituted "subsection (g)(1)" for "subsec… · (b)
• Pub. L. 94–455, §§1901(a)(29)(C)(iii), 2126, substituted "subsection (h)" for "subsection (k)" after "as defined in" and "20" for "15" after "expropriation loss, to each of the". · (b)
• Pub. L. 94–455, §1606(b), added subpar. (E). · (b)
• Pub. L. 94–455, §1901(a)(29)(C)(iv), substituted "subsection (g)" for "subsections (i) and (j)" after "provided in". · (b)
• Pub. L. 94–455, §1906(b)(13)(A), struck out "or his delegate" after "Secretary". · (b)
• Pub. L. 94–455, §1906(b)(13)(A), struck out "or his delegate" in two places after "Secretary". · (b), (ii)
• Pub. L. 94–455, §1901(a)(29)(C)(iii), substituted "subsection (h)" for "subsection (k)" after "as defined in". · (b)
• Pub. L. 94–455, §1906(b)(13)(A), struck out "Or his delegate" in two places after "Secretary". · (b), (iii)
• Pub. L. 94–455, §§806(c), 1901(a)(29)(A)(ii), added subpar. (E). Former subpar. (E), which related to applicability of special rules in computing taxpayer's net operating loss deduction, was struck out. · (b)
• Pub. L. 94–455, §1901(a)(29)(A)(ii), struck out subpar. (F) which defined "class of products" and provided for the use of information compiled or published by Secretary of Commerce or manufacturers as prima facie evidence of the total number of units of such class of products man… · (b)
• Pub. L. 94–455, §1901(a)(29)(B), struck out "(for any taxable year ending after December 31, 1953)" after "means". · (c)
• Pub. L. 94–455, §1052(c)(3), struck out par. (5) relating to special deductions for corporations concerning partially tax-exempt interest and Western Hemisphere corporations, and redesignated par. (6) as (5). · (d), (6)
• Pub. L. 94–455, §1606(c), added par. (7). · (d)
• Pub. L. 94–455, §1901(a)(29)(D), struck out "The preceding sentence shall apply with respect to all taxable years, whether they begin before, on, or after January 1, 1954" after "applicable to such other taxable year". · (e)
• Pub. L. 94–455, §1901(a)(29)(C)(i), redesignated subsec. (h) as (f). Former subsec. (f), relating to net operating loss deduction for taxable years beginning in 1953 and ending in 1954, was struck out. · (f)
• Pub. L. 94–455, §1901(a)(29)(C)(i), redesignated subsec. (j) as (g). Former subsec. (g), relating to special transitional rules to be applied to net operating loss deductions, was struck out. · (g)
• Pub. L. 94–455, §806(b)(2), added subpar. (C). · (g)
• Pub. L. 94–455, §1901(a)(29)(E), struck out par. (4) relating to carryover of net operating loss for certain regulated transportation corporations for taxable years beginning in 1955 and ending in 1956. · (g)
• Pub. L. 94–455, §1901(a)(29)(C)(i), redesignated subsec. (k) as (h). Former subsec. (h) redesignated (f). · (h)
• Pub. L. 94–455, §1901(a)(29)(C)(i), redesignated subsec. (l) as (i). Former subsec. (i), relating to carryback of net operating loss for taxable years beginning in 1957 and ending in 1958, was struck out. · (i)
• Pub. L. 94–455, §1901(a)(29)(C)(i), redesignated subsecs. (j) to (l) as (g) to (i), respectively. · (j), (k), (l)

1971

• Pub. L. 91–677, §2(a), inserted "(or, with respect to that portion of the net operating loss for such year attributable to a Cuban expropriation loss, to each of the 15 taxable years following the taxable year of such loss)" after "the 10 taxable years following the taxable year … · (b)
• Pub. L. 91–677, §2(b), inserted provisions relating to treatment of Cuban expropriation losses. · (b)
• Pub. L. 91–677, §2(c), added par. (3). · (k)

1969

• Pub. L. 91–172 substituted "(E), (F), and (G)", for "and (E)" in subpar. (A)(i) and added subpars. (F) and (G). · (b)

1967

• Pub. L. 90–225, §3(a)(1)–(3), inserted reference to subpar. (E) in subpars. (A)(i) and (B), and added subpar. (E). · (b)
• Pub. L. 90–225, §3(a)(4), added subpars. (E) and (F). · (b), (F)

1964

• Pub. L. 88–272, §210(a)(1)–(4), (b), inserted subpar. (D) in par. (1), references to such subpar. (D) in par. (1)(A)(i) and (1)(B), subpars. (C) and (D) in par. (3), provided that the net operating loss deduction in par. (2)(B) be determined without regard to that portion of a net oper… · (b)
• L. 88–272, §234(b)(5), substituted references to section 7701(a)(33) for references to section 1503(c)(1) or (2), wherever appearing. · (j), (2)
• Pub. L. 88–272, §210(a)(5), added subsec. (k) and redesignated former subsec. (k) as (l). · (k), (l)

1962

• Pub. L. 87–794 designated existing provisions as cl. (A)(i) and struck out provisions therefrom which authorized a net operating loss for any taxable year ending after Dec. 31, 1957, to be a net operating loss carryover to each of the 5 taxable years following the taxable year of su… · (b)
• Pub. L. 87–794 inserted reference to subsection (j), and substituted "shall be carried to the earliest of the taxable years to which (by reason of paragraph (1))" for "shall be carried to the earliest of the 8 taxable years to which (by reason of subparagraphs (A) and (B) of paragra… · (b)
• Pub. L. 87–794 added par. (3). · (b)
• Pub. L. 87–710, §1(a), authorized a carryover of a net operating loss for any taxable year ending after Dec. 31, 1955, to each of the 5 taxable years following the taxable year of loss, or when such loss occurs in the case of regulated transportation corporation, except as provided in subsec. (j), … · (b)
• Pub. L. 87–792 added subpar. (D). · (d)
• Pub. L. 87–710, §1(b), added subsec. (j) and redesignated former subsec. (j) as (k). · (j), (k)

1958

• Pub. L. 85–866, §203(a), substituted "1957" for "1953", and "3" for "2" in par. (1), and substituted "subsection (i)" for "subsection (f)", "8" for "7", and "7" for "6" in par. (2). · (b)
• Pub. L. 85–866, §14(a), added pars. (3) and (4). · (f), (4)
• Pub. L. 85–866, §14(b), added par. (3) and redesignated former par. (3) as (4). · (g), (4)
• Pub. L. 85–866, §§64(b), 203(b), added subsecs. (h) and (i) and redesignated former subsec. (h) as (j). · (h), (i), (j)