Elect to forego the carryback period

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Due to an unusual event, a taxpayer has a large loss in the current year, resulting in an NOL. The taxpayer expects next year's taxable income to return to the same approximate amount he reported in last few years, however he expects his income tax rate to increase after this year's election. The taxpayer should elect to forego the carryback period.

Reference no: EM132307174

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