Sec. 3502. Net operating losses of life insurance companies
275 words·~1 min read·
/bill/113/hr/1/ih/section-3502A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraph
(5)of section 805(a) is amended to read as follows: The deduction allowed under section 172, determined— by treating the net operating loss for any taxable year as equal to the excess (if any) of— the life insurance deductions for such taxable year, over the life insurance gross income for such taxable year, and by applying subsection (d)(5) thereof with the modifications described in paragraph
(4)of this subsection. . Part I of subchapter L of chapter 1 is amended by striking section 810 (and by striking the item relating to such section in the table of sections for such part). Part III of subchapter L of chapter 1 is amended by striking section 844 (and by striking the item relating to such section in the table of sections for such part). Section 381 is amended by striking subsection (d). Section 805(a)(4)(B)(i), as redesignated by the preceding provisions of this Act, is amended to read as follows: the net operating loss deduction provided by paragraph (5), . Section 805(b)(2)(A)(iii), as redesignated by the preceding provisions of this Act, is amended to read as follows: any net operating loss carryback to the taxable year under section 172 (as applied pursuant to subsection (a)(5)), and . Section 805(b) is amended by striking paragraph
(4)and redesignating paragraph
(5)as paragraph (4). Section 953(b)(1)(A), as redesignated by the preceding provisions of this Act, is amended by striking operations and inserting net operating . Section 1351(i)(3) is amended by striking or the operations loss deduction under section 810, . The amendments made by this section shall apply to losses arising in taxable years beginning after December 31, 2014.