LIMITATIONS ON ASSESSMENT AND COLLECTION.

SEC. 81. LIMITATIONS ON ASSESSMENT AND COLLECTION. (a) Exempt Organizations.—Section 6501 (g) (2) (relating to returns as exempt organizations) is amended by striking out “corporation” each place it appears and inserting in lieu thereof “organization”. 72 Stat. 1663 (b) Net Operating Loss Carrybacks.—Section 6501 (relating to limitations on assessment and collection) is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection: “(h) Net Operating Loss Carrybacks.—In the case of a deficiency attributable to the application to the taxpayer of a net operating loss carryback (including deficiencies which may be assessed pursuant to the provisions of section 6213 (b) (2)), such deficiency may be assessed at any time before the expiration of the period within which a deficiency for the taxable year of the net operating loss which results in such carryback may be assessed.”