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TITLE 26-INTERNAL REVENUE CODE posed by section 802 or 831 shall not be determined in the manner provided in part I of subchapter N (relat- ing to determination of sources of income). 1959-Pub. L. 86-69 eliminated reference to section 811. 1956-Act Mar. 13, 1956, inserted reference to sec- tion 811. EFFECTIVE DATE OF 1966 AMENDMENT Amendment by Pub. L. 89-809 with respect to tax- able years beginning after Dec. 31, 1966, see section 104(n) of Pub. L. 89-809, set out as an Effective Date of 1966 Amendment note under section 11 of this title. EFFEcTIvE DATE OF 1959 AmENDMENT Amendment by Pub. L. 86-69 applicable only with respect to taxable years beginning after Dec. 31, 1957, Eee section 4 of Pub. L. 86-69, set out as an Effective Date note under section 801 of this title. EFFECTIVE DATE OF 1956 AMENDMENT Amendment by act Mar. 13, 1956 applicable only to taxable years beginning after Dec. 31, 1954, see section 6 of act Mar. 13, 1956, set out as an Effective Date of 1956 Amendment note under section 821 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 819, 821, 1442 of this title. § 843. Annual accounting period For purposes of this subtitle, the annual ac- counting period for each insurance company subject to a tax imposed by this subchapter shall be the calendar year. Under regulations prescribed by the Secretary, an insurance com- pany which Joins in the filing of a consolidated return (or is required to so file) may adopt the taxable year of the common parent corporation even though such year is not a calendar year. (Added Mar. 13, 1956, ch. 83, § 4(a), 70 Stat. 48, and amended Oct. 4, 1976, Pub. L. 94-455, title XV, § 1507(b)(2), 90 Stat. 1740.) AMENDMENTS 1976-Pub. L. 94-455 added provision permitting an insurance company which Joins in the filing of a con- solidated return to adopt the taxable year of the common parent corporation even though such year is not a calendar year. EFFECTIVE DATE OF 1976 AMENDMENT Amendment of section by section 1507(b)(2) of Pub. L. 94-455 applicable to taxable years beginning after Dec. 31, 1980, see section 1507(c)(1) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 1504 of this title. EFFECTIVE DATE Section as applicablE only to taxable years beginning after Dec. 31, 1954, see Effective Date of 1956 Amend- ment note set out under section 821 of this title. § 844. Special loss carryover rules (a) General rule If an insurance company- (1) is subject to the tax imposed by part I, II, or III of this subchapter for the taxable year, and (2) was subject to the tax imposed by a dif- ferent part of this subchapter for a prior tax- able year beginning after December 31, 1962, then any operations loss carryover under sec- tion 812, unused loss carryover under section 825, or net operating loss carryover under sec- tion 172, as the case may be, arising in such prior taxable year shall be included in its oper- ations loss deduction under section 812(a), unused loss deduction under section 825(a), or net operating loss deduction under section 832(c)(10), as the case may be. (b) Limitation The amount included under section 812(a), 825(a), or 832(c)(10), as the case may be, by reason of the application of subsection (a) shall not exceed the amount that would have consti- tuted the loss carryover under such section if for all relevant taxable years such company had been subject to the tax imposed by the part referred to in subsection (a)(1) rather than the part referred to in subsection (a)(2). For purposes of applying the preceding sentence- (1) In the case of a mutual insurance compa- ny which becomes a stock insurance compa- ny, an amount equal to 25 percent of the de- duction under section 832(c)(11) (relating to dividends to policyholders) shall not be al- lowed, and (2) section 812(b)(1)(C) (relating to addi- tional years to which losses may be carried by new life insurance companies) shall not apply. (c) Regulations The Secretary shall prescribe such regula- tions as may be necessary to carry out the pur- poses of this section. (Added Pub. L. 91-172, title IX, § 907(c)(1), Dec. 30, 1969, 83 Stat. 716, and amended Pub. L. 94- 455, title XIX, §§ 1901(b)(25), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1798, 1834.) AMENDMENTS 1976-Subsee. (b)(2). Pub. L. 94-455, § 1901(b)(25), substituted "section 812(b)(1)(C)" for "section 812(b)(1)(AMMii". Subsec. (c). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". EFFECTIVE DATE OF 1976 AMENDMENT Amendment of subsec. (b)(2) by section 1901(b)(25) of Pub. L. 94-455, effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94- 455, set out as an Effective Date of 1976 Amendment note under section 2 of this title. EFFECTIVE DATE Section applicable with respect to losses incurred In taxable years beginning after Dec. 31, 1962, but not af- fecting any tax liability for any taxable year begin- ning before Jan. 1, 1967, see section 907(d) of Pub. L. 91-172, set out as an Effective Date of 1969 Amend- ment note under section 805 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 809, 823, 825 of this title. Subchapter M-Regulated Investment Companies and Real Estate Investment Trusts Part I. Regulated investment companies. II. Real estate investment trusts. SUBCHAPTER REFERRED TO IN OTHER SECTIONS This subchapter is referred to in sections 11, 46, 50B, 1504 of this title. Page 535