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year. The statement required * * * shall
indicate the section under which the election
is being made and shall set forth information
to identify the election, the period for
which it applies, and the taxpayer's basis or
entitlement for making the election.
Sec. 301.9100-12T(d), Temporary Proced. & Admin. Regs., 57 Fed.
Reg. 43893 (Sept. 23, 1992) (redesignating sec. 7.0, Temporary
Income Tax Regs., 42 Fed. Reg. 1469 (Jan. 7, 1977) ("Various
elections under the Tax Reform Act of 1976")).
Petitioner must first establish that he suffered an NOL for
the taxable year 1984. To meet this burden petitioner relies on
a purported retained copy of his 1984 return that was prepared by
Mr. Moore. That return shows an NOL from petitioner's sole
proprietorship "Bob Welch Electric" in the amount of $146,058 and
an NOL carryforward in the amount of $4,907. Respondent has no
record of the return's being filed and disputes the amount of the
NOL claimed. For the purpose of discussion only, we are willing
to assume that the return was timely filed and accurately
reflects the loss. Petitioner, however, still faces the problem
that there is no statement attached to the return identifying
that an election has been made. Indeed, there is no evidence
that any election to relinquish the carryback was ever made.
Thus, under the general rule, the 1984 NOL would be carried back
to the 1981, 1982, and 1983 taxable years and carried forward to
the 1985 taxable year before it would be carried forward to any
of the years before the Court. There is nothing in this record
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