723
Internal Revenue Service, Treasury
§ 1.825–2
(1) Compute the unused loss for any
preceding or succeeding taxable year
from which an unused loss may be car-
ried over or carried back to the taxable
year.
(2)
Compute
the
unused
loss
carryovers to the taxable year from
such preceding taxable years and the
unused loss carrybacks to the taxable
year from such succeeding taxable
years.
(3) Add such unused loss carryovers
and carrybacks in order to determine
the unused loss deduction for the tax-
able year.
(d) Statement with tax return. Every
mutual insurance company taxable
under section 821(a) claiming an unused
loss deduction for any taxable year
shall file with its return for such year
a concise statement setting forth the
amount of the unused loss deduction
claimed and all material and pertinent
facts relative thereto, including a de-
tailed schedule showing the computa-
tion of the unused loss deduction.
(e) Ascertainment of deduction depend-
ent upon unused loss carryback. If a mu-
tual insurance company taxable under
section 821(a) is entitled in computing
its unused
loss deduction to a
carryback which it is not able to ascer-
tain at the time its return is due, it
shall compute the unused loss deduc-
tion on its return without regard to
such unused loss carryback. When the
company ascertains the unused loss
carryback, it may within the applica-
ble period of limitations file a claim
for credit or refund of the overpay-
ment, if any, resulting from the failure
to compute the unused loss deduction
for the taxable year with the inclusion
of such carryback; or it may file an ap-
plication under the provisions of sec-
tion 6411 for a tentative carryback ad-
justment.
(f) Law applicable to computations. The
following rules shall apply to taxable
years for which the taxpayer is subject
to the tax imposed by section 821(a):
(1) In determining the amount of any
unused loss carryback or carryover to
any taxable year, the necessary com-
putations involving any other taxabl