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TITLE 26-INTERNAL REVENUE CODE subsection (h)) for any taxable year ending after December 31, 1958, the portion of the net operating loss for such year attributable to such foreign expropriation loss shall not be a net operating loss carryback to any taxable year preceding the taxable year of such loss and shall be a net operating loss carryover to each of the 10 taxable years following the taxable year of such loss (or, with respect to that portion of the net oper- ating loss for such year attributable to a Cuban expropriation loss, to each of the 20 taxable years following the taxable year of such loss). (E) In the case of a taxpayer which has a net operating loss for any taxable year for which the provisions of part II of sub- chapter M (relating to real estate invest- ment trusts) apply to such taxpayer, such loss shall not be a net operating loss carry- back to any taxable year preceding the tax- able year of such loss and shall be a net op- erating loss carryover to each of the 8 Lax- able years following the taxable year of such loss, except, In the case of a net oper- ating loss for a taxable year ending before January 1, 1976, such loss shall not be car- ried to the 6th, 7th, or 8th taxable year fol- lowing the taxable year of such loss unless part II of subchapter M applied to the tax- payer for the taxable year to which the loss is carried and for all intervening taxable years following the year of loss. A net oper- .ating loss shall not be carried back to a tax- able year for which part II of subchapter M applied to the taxpayer. (F) In the case of a financial institution to which section 585, 586, or 593 applies, a net operating loss for any taxable year begin- ning after December 31, 1975, shall be a net operating loss carryback to each of the 10 taxable years preceding the taxable year of such loss and shall be a net operating loss carryover to each of the 5 taxable years fol- lowing the taxable year of such loss. (G) In the case of a Bank for Coopera- tives (organized and chartered pursuant to section 2 of the Farm Credit Act of 1933 (12 U.S.C. 1134)), a net operating loss for any taxable year beginning after December 31, 1969, shall be a net operating loss carryback to each of the 10 taxable years preceding the taxable year of such loss and shall be a net operating loss carryover to each of the 5 taxable years following the taxable year of such loss. (2) Amount of carrybacks and carryovers Except as provided in subsection (g), the entire amount of the net operating loss for any taxable year (hereinafter in this section referred to as the "loss year") shall be carried to the earliest of the taxable years to which (by reason of paragraph (1)) such loss may be carried. The portion of such loss which shall be carried to each of the other taxable years shall be the excess, if any, of the amount of such loss over the sum of the taxable income for each of the prior taxable years to which such loss niay be carried. For purposes of the preceding sentence, the taxable income for any such prior taxable year shall be comput- ed- (A) with the modifications specified in subsection (d) other than paragraphs (1), (4), and (6) thereof; and (B) by determining the amount of the net operating loss deduction- (I) without regard to the net operating loss for the loss year or for any taxable year thereafter, and (ii) without regard to that portion, if any, of a net operating loss for a taxable year attributable to a foreign expropri- ation loss, if such portion may not, under paragraph (1)(D), be carried back to such prior taxable year, and the taxable income so computed shall not be considered to be less than zero. For pur- poses of this paragraph, if a portion of the net operating loss for the loss year is attribut- able to a foreign expropriation loss to which paragraph (1)(D) applies, such portion shall be considered to be a separate net operating loss for such year to be applied after the other portion of such net operating loss, and, if a portion of a foreign expropriation loss for the loss year is attributable to a Cuban expro- priation loss, such portion shall be considered to be a separate foreign expropriation loss for such year to be applied after the other por- tion of such foreign expropriation loss. (3) Special rules (A) Paragraph (1)(A)(ii) shall apply only if- (I) there has been filed, at such time and in such manner as may be prescribed by the Secretary, a notice of filing of the application under section 317 of the Trade Expansion Act of 1962 for tax assistance, and, after its issuance, a copy of the certi- fication under such section, and (!i) the taxpayer consents in writing to the assessment, within such period as may be agreed upon with the Secretary, of any deficiency for any year to the extent at- tributable to the disallowance of a deduc- tion previously allowed with respect to such net operating loss, even though at the time of filing such consent the assess- ment of such deficiency would otherwise be prevented by the operation of any law or rule of law. (B) In the case of- (1) a partnership and its partners, or (ii) an electing small business corpora- tion under subchapter S and its share- holders, paragraph (1)(A)(ii) shall apply as deter- mined under regulations prescribed by the Secretary. Such paragraph shall apply to a net operating loss of a partner or such a shareholder only if it arose predominantly from losses in respect of which certifica- tions under section 317 of the Trade Expan- sion Act of 1962 were filed under this sec- tion. (C) Paragraph (1)(D) shall apply only if- (I) the foreign expropriation loss (as de- fined in subsection (h)) for the taxable year equals or exceeds 50 percent of the net operating loss for the taxable year, (ii) in the case of a foreign expropri- ation loss for a taxable year ending after Page 173 § 172