Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Election to forego carryback period in 2015

pacoford
Level 4

I am filing 2015 showing a loss. Client elects to forego carryback period. Since this is being filed so late, will the IRS accept the election to carry this loss to 2016?

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
George4Tacks
Level 15

I am going to vote for NO

IRC 172 (b) (3)Election to waive carryback

Any taxpayer entitled to a carryback period under paragraph (1) may elect to relinquish the entire carryback period with respect to a net operating loss for any taxable year. Such election shall be made in such manner as may be prescribed by the Secretary, and shall be made by the due date (including extensions of time) for filing the taxpayer’s return for the taxable year of the net operating loss for which the election is to be in effect. Such election, once made for any taxable year, shall be irrevocable for such taxable year.


ex-AllStar

View solution in original post

4 Replies 4
IRonMaN
Level 15

I'm going to guess that the answer is yes.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
George4Tacks
Level 15

I am going to vote for NO

IRC 172 (b) (3)Election to waive carryback

Any taxpayer entitled to a carryback period under paragraph (1) may elect to relinquish the entire carryback period with respect to a net operating loss for any taxable year. Such election shall be made in such manner as may be prescribed by the Secretary, and shall be made by the due date (including extensions of time) for filing the taxpayer’s return for the taxable year of the net operating loss for which the election is to be in effect. Such election, once made for any taxable year, shall be irrevocable for such taxable year.


ex-AllStar

View solution in original post

IRonMaN
Level 15

That's not fair, you actually looked up the answer. 😉

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
pacoford
Level 4

I was almost certain I had read that but couldn't find out anything in my recent research. Thank you!!!

0 Cheers