NONBUSINESS CASUALTY LOSSES.

SEC. 344. NONBUSINESS CASUALTY LOSSES. (a) Removal of Limitation.—Section 122 (d) (5) (relating to net operating loss deduction) is hereby amended by inserting at the end thereof the following new sentence: “This paragraph shall not apply with respect to deductions allowable for losses sustained after December 31, 1950, in respect of property, if the losses arise from fire, storm, shipwreck, or other casualty, or from theft.” (b) Effective Date.—The amendment made by this section shall be applicable in computing the net operating loss deduction for taxable years ending after December 31, 1948.