Discussion:Revoke an Irrevocable NOL Carryback election

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Revision as of 19:08, 2 October 2008
Riley2 (Talk | contribs)
(No way to revoke)
← Previous diff		 Revision as of 21:35, 2 October 2008
Taxtamer (Talk | contribs)
(You're right. On)
Next diff →
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{{ForumReplyPost|UserID=Riley2|Date=2 October 2008|Text=No way to revoke the election on an amended return.}} {{ForumReplyPost|UserID=Riley2|Date=2 October 2008|Text=No way to revoke the election on an amended return.}}
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 +{{ForumReplyPost|UserID=Taxtamer|Date=2 October 2008|Text=You're right. Once elected, can't be undone. I got mixed up with the opposite situation, whereby if an original return is filed without claiming the election, you can "re-do" and make the election as long as it's done within 6 months of original due date of the return. Reg. Section 301.9100-2.
 +}}

Revision as of 21:35, 2 October 2008

Discussion Forum Index --> Advanced Tax Questions --> Revoke an Irrevocable NOL Carryback election
Discussion Forum Index --> Tax Questions --> Revoke an Irrevocable NOL Carryback election

CPAJF (talk|edits) said:

2 October 2008
Can one revoke the [IRC Section 172(b)(3)] Election to Forego the Carryback Period for Net Operating Loss (NOL), within the same current filing year the election was made?

That is to say that the election was made in the current year 2007 Form 1040 Return and for one to prepare a 2007 Form 1040X Amended Return withdrawing the election.

Keep in mind the election clearly states that the taxpayer irrrevocably elects to relinquish the entire carryback period with respect to the NOL incurred for the taxable year ended 2007.

Thanks,,,,

Taxtamer (talk|edits) said:

2 October 2008
No cite at hand right now, but I believe that you can revoke if done within the extended filing date (by 10/15/08). After that, I'm sure you are SOL.

Riley2 (talk|edits) said:

2 October 2008
No way to revoke the election on an amended return.

Taxtamer (talk|edits) said:

2 October 2008
You're right. Once elected, can't be undone. I got mixed up with the opposite situation, whereby if an original return is filed without claiming the election, you can "re-do" and make the election as long as it's done within 6 months of original due date of the return. Reg. Section 301.9100-2.
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