ALLOWANCE OF 8-YEAR CAPITAL LOSS CARRYOVER IN CASE OF REGULATED INVESTMENT COMPANIES.

SEC. 1403. ALLOWANCE OF 8-YEAR CAPITAL LOSS CARRYOVER IN CASE OF REGULATED INVESTMENT COMPANIES. (a) General Rule.— Paragraph (1) of section 1212(a) (relating to capital loss carrybacks and carryovers for corporations) is amended by striking out “and” at the end of subparagraph (A) and by striking out subparagraph (B) and inserting in Lieu thereof the following: “(B) except as provided in subparagraph (C), a capital loss carryover to each of the 5 taxable years succeeding the loss year; and “(C) a capital loss carryover— “(i) in the case of a regulated investment company (as defined in section 851) to each of the 8 taxable years succeeding the loss year, and “(ii) to the extent such loss is attributable to a foreign expropriation capital loss, to each of the 10 taxable years exceeding the loss year.” (b) Effective Date.— The amendments made by this section shall apply to loss years (within the meaning of section 1212(a)(1) of the Internal Revenue Code of 1954) ending on or after January 1, 1970.