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Can I amend a 1040 to carry back an NOL from 2017 when the original return elected to forego the carryback under Section 172 (b) (3)?
Do I simply file an 1040X for 2017 to reject the election and carry back the loss to 2015?
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No, election is irrevocable.
(iv)Election
Any taxpayer entitled to a 2-year carryback under clause (i) from any loss year may elect not to have such clause apply to such loss year. Such election shall be made in such manner as 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. Such election, once made for any taxable year, shall be irrevocable for such taxable year.
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