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pacoford
pacoford
Level 5
July 9, 2021

Election to forego carryback period in 2015

  • July 9, 2021
  • 2 replies
  • 9 views

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?

This topic has been closed for replies.

2 replies

IRonMaN
IRonMaN
Level 15
July 9, 2021

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

Slava Ukraini!
    George4Tacks
    George4Tacks
    Level 15
    July 9, 2021

    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.

    Answers are easy. Questions are hard!
      IRonMaN
      IRonMaN
      Level 15
      July 9, 2021

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

      Slava Ukraini!
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