Election to forego carryback period in 2015

[pacoford]

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?

[IRonMaN]

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

[George4Tacks · Accepted solution]

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.

[IRonMaN]

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

[pacoford]

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