business, the net start-up loss with respect to such trade or business for such start-up period taxable year shall be the same proportion of such loss (determined without regard to this clause) as the proportion of such start-up period taxable year which is on or before the last day of such period. (D) Application to net operating loss arising in year of ownership change Subparagraph (A) shall apply to any net operating loss described in paragraph (1)(B) in the same manner as such subparagraph applies to net operating loss car­ry­for­wards described in paragraph (1)(A), but by only taking into account the amount of such net operating loss (and the amount of the net start-up loss) which is allocable under paragraph (1)(B) to the period described in such paragraph. Proper adjustment in the allocation of the net start-up loss under the preceding sentence shall be made in the case of a taxable year to which subparagraph (C)(ii) applies. (E) Application to taxable years which are start-up period taxable years with respect to more than 1 trade or business In the case of any net operating loss carryforward which arose in a taxable year which is a start-up period taxable year with respect to more than 1 trade or business— (i) this paragraph shall be applied separately with respect to each such trade or business, and (ii) the aggregate reductions under subparagraph (A) shall not exceed such net operating loss carryforward. (F) Continuity of business requirement If the new loss corporation does not continue the trade or business referred to in subparagraph (B)(i) at all times during the 2-year period beginning on the change date, this paragraph shall not apply with respect to such trade or business. (G) Certain title 11 or similar cases (i) Multiple ownership changes In the case of a second ownership change to which subsection (l)(5)(D) applies, this paragraph shall not apply for purposes of determining the pre-change loss with respect to such second ownership change. (ii) Certain insolvency transactions If subsection