# Pub. L. 91-677: changes to the Internal Revenue Code

1971-01-12, 84 Stat. 2061. Source: <https://www.govinfo.gov/link/plaw/91/public/677>.

## Legislative history

- Bill: [H.R. 18693](https://www.congress.gov/bill/91st-congress/house-bill/18693)

## § 165: Losses

- § 165(i)(1): Pub. L. 91–677, § 1(a)(1), (2), struck out “or (2)” after “paragraph (1)” in cl. (B), and substituted “one or more days in the period beginning on December 31, 1958, and ending on May 16, 1959” for “December 31, 1958”.
- § 165(i)(2): Pub. L. 91–677, § 1(a)(3), substituted “one or more days during the period beginning on December 31, 1958, and ending on May 16, 1959” for “December 31, 1958” and “the first day in such period on which the property was held by the taxpayer” for “December 31, 1958”.
- § 165(i)(3): Pub. L. 91–677, § 1(a)(4), struck out subsec. (i)(3) which authorized a refund or credit to be given for any overpayment attributable to the application of par. (1), provided that a claim was filed for such refund or credit before Jan. 1, 1965.

## § 172: Net operating loss deduction

- § 172(b)(1)(D): Pub. L. 91–677, § 2(a), inserted “(or, with respect to that portion of the net operating loss for such year attributable to a Cuban expropriation loss, to each of the 15 taxable years following the taxable year of such loss)” after “the 10 taxable years following the taxable year of such loss”.
- § 172(b)(2): Pub. L. 91–677, § 2(b), inserted provisions relating to treatment of Cuban expropriation losses.
- § 172: Pub. L. 91–677, § 2(c), added par. (3).