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TITLE 26-INTERNAL REVENUE CODE 15th day of the third month following the close of the taxable year and on or before December 15, 1955, may be treated as having been paid on the last day of the taxable year, but only to the extent (A) that such divi- dends are attributable to an increase in taxable income for the taxable year resulting from the enact- ment of this Act, and (B) elected by the taxpayer. "(5) DETERMINATION OF DATE PREscRIBED.-For pur- poses of this section, the determination of the last date prescribed for payment or for filing a return shall be made without regard to any extension of time therefor and without regard to any provision of this section. "(6) REGULATIONS.-For requirement that the Secre- tary of the Treasury or his delegate shall prescribe all rules and regulations as may be necessary by reason of the enactment of this Act, see section 7805(a) of the Internal Revenue Code of 1954 [section 7805(a) of this titlel." CROSS REFERENCES Effect on earnings and profits, see section 312 of this title. Effective date of part V of subchapter C, this section as applicable to liquidations and reorganizations, see section 394 of this title. Liquidations before Jan. 1, 1966, see section 225(h) of Pub. L. 88-272, set out as a note under section 333 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 47, 50A, SOB, 166, 172, 250, 382, 394, 463, 545, 810, 812, 815, 832, 904, 1251 of this title; title 46 section 1177. § 382. Special limitations on net operating loss car. ryovers (a) Purchase of a corporation and change in its trade or business (1) In general If, at the end of a taxable year of a corpora- tion- (A) any one or more of those persons de- scribed in paragraph (2) own a percentage of the total fair market value of the out- standing stock of such corporation which is at least 50 percentage points more than such person or persons owned at- (i) the beginning of such taxable year, or (ii) the beginning of the prior taxable year, (B) the increase in percentage points at the end of such taxable year is attributable to- (i) a purchase by such person or persons of such stock, the stock of another corpo- ration owning stock in such corporation, or an interest in a partnership or trust owning stock in such corporation, or (ii) a decrease in the amount of such stock outstanding or the amount of stock outstanding of another corporation owning stock in such corporation, except a decrease resulting from a redemption to pay death taxes to which section 303 ap- plies, and (C) such corporation has not continued to carry on a trade or business substantially the same as that conducted before any change in the percentage ownership of the fair market value of such stock, the net operating loss carryovers, if any, from prior taxable years of such corporation to such taxable year and subsequent taxable years shall not be included in the net operat- ing loss deduction for such taxable year and subsequent taxable years. (2) Description of person or persons The person or persons referred to in para- graph (1) shall be the 10 persons (or such lesser number as there are persons owning the outstanding stock at the end of such tax- able year) who own the greatest percentage of the fair market value of such stock at the end of such taxable year; except that, if any uther person owns the same percentage of such stock at such time as is owned by one of the 10 persons, such person shall also be in- cluded. If any of the persons are so related that such stock owned by one is attributed to the other under the rules specified in para- graph (3), such persons shall be considered as only one person solely for the purpose of se- lecting the 10 persons (more or less) who own the greatest percentage of the fair market value of such outstanding stock. (3) Attribution of ownership Section 318 (relating to constructive owner- ship of stock) shall apply in determining the ownership of stock, except that sections 318(a)(2)(C) and 318(a)(3)(C) shall be applied without regard to the 50 percent limitation contained therein. (4) Definition of purchase For purposes of this subsection, the term "purchase" means the acquisition of stock, the basis of which is determined solely by ref- erence to its cost to the holder thereof, in a transaction from a person or persons other than the person or persons the ownership of whose stock would be attributed to the holder by application of paragraph (3). (b) Change of ownership as the result of a reorgani- zation (1) In general If, in the case of a reorganization specified in paragraph (2) of section 381(a), the trans- feror corporation or the acquiring corpora- tion- (A) has a net operating loss which is a net operating loss carryover to the first taxable year of the acquiring corporation ending after the date of transfer, and (B) the stockholders (immediately before the reorganization) of such corporation (hereinafter in this subsection referred to as the "loss corporation"), as the result of owning stock of the loss corporation, own (immediately after the reorganization) less than 20 percent of the fair market value of the outstanding stock of the acquiring cor- poration, the total net operating loss carryover from prior taxable years of the loss corporation to the first taxable year of the acquiring corpo- ration ending after the date of transfer shall be reduced by the percentage determined under paragraph (2). (2) Reduction of net operating loss carryover The reduction applicable under paragraph (1) shall be the percentage determined by substracting from 100 percent- § 382 Page 279