qualified Gulf Opportunity Zone loss
(2)For purposes of paragraph (1), the term “qualified Gulf Opportunity Zone loss” means the lesser of— (A)the excess of— (i)the net operating loss for such taxable year, over (ii)the specified liability loss for such taxable year to which a 10-year carryback applies under section 172(b)(1)(C),or (B)the aggregate amount of the following deductions to the extent taken into account in computing the net operating loss for such taxable year: (i)Any deduction for any qualified Gulf Opportunity Zone casualty loss. (ii)Any deduction for moving expenses paid or incurred after, and before, and allowable under this chapter to any taxpayer in connection with the employment of any individual— (I)whose principal place of abode was located in the Gulf Opportunity Zone before, (II)who was unable to remain in such abode as the result of Hurricane Katrina, and (III)whose principal place of employment with the taxpayer after such expense is located in the Gulf Opportunity Zone. (iii)Any deduction allowable under this chapter for expenses paid or incurred after, and before, to temporarily house any employee of the taxpayer whose principal place of employment is in the Gulf Opportunity Zone. (iv)Any deduction for depreciation (or amortization in lieu of depreciation) allowable under this chapter with respect to any qualified Gulf Opportunity Zone property (as defined in subsection (d)(2), but without regard to subparagraph (B)(iv) thereof)) 2for the taxable year such property is placed in service. (v)Any deduction allowable under this chapter for repair expenses (including expenses for removal of debris) paid or incurred after, and before, with respect to any damage attributable to Hurricane Katrina and in connection with property which is located in the Gulf Opportunity Zone.