Anonymous
Not applicable

I have a client that started an C corp and incurred NOL, typical of initial year businesses. The IRS does not clearly define if "electing to forgo carryback of NOL for the tax year" is mandatory or implied for the initial year of filing in section.

By definition it would carryback for traditional returns of businesses in existence for N years, but for tax year of initial filing year is electing required or implied to carryforward?

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