(a) Excess credits
(1) In general Under regulations, if an ownership change occurs with respect to a corporation, the amount of any excess credit for any taxable year which may be used in any post-change year shall be limited to an amount determined on the basis of the tax liability which is attributable to so much of the taxable income as does not exceed the section
382 limitation for such post-change year to the extent available after the application of section
382 and subsections (b) and (c) of this section.
(2) Excess credit For purposes of paragraph (1), the term excess credit means
(A) any unused general business credit of the corporation under section
39, and
(B) any unused minimum tax credit of the corporation under section
53.
(b) Limitation on net capital loss If an ownership change occurs with respect to a corporation, the amount of any net capital loss under section
1212 for any taxable year before the 1st post-change year which may be used in any post-change year shall be limited under regulations which shall be based on the principles applicable under section
382. Such regulations shall provide that any such net capital loss used in a post-change year shall reduce the section
382 limitation which is applied to pre-change losses under section
382 for such year.
(c) Foreign tax credits If an ownership change occurs with respect to a corporation, the amount of any excess foreign taxes under section
904 (c) for any taxable year before the 1st post-change taxable year shall be limited under regulations which shall be consistent with purposes of this section and section
382.
(d) Pro ration rules for year which includes change
For purposes of this section, rules similar to the rules of subsections (b)(3) and (d)(1)(B) of section 382 shall apply.
(e) Definitions Terms used in this section shall have the same respective meanings as when used in section
382, except that appropriate adjustments shall be made to take into account that the limitations of this section apply to credits and net capital losses.
