Aggregation of loss disallowed where return filed late and current-year losses exceed prior year amounts.

Aggregation of losses is barred where the return of tax bases is not furnished by the due date; if the amount of unabsorbed current losses (ordinary, capital, speculative, horse race and special source) for the year exceeds the corresponding amount of the immediately preceding year, the excess shall not be taken into account for any purposes of the Code in subsequent years.

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