Larry J. and Patricia A. Sumrall - Page 10

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          regard to such carryback.  See sec. 1.172-1(d), Income Tax Regs.            
          When the taxpayer ascertains the NOL carryback, he may within the           
          applicable period of limitations file a claim for refund of the             
          overpayment, if any, resulting from the failure originally to               
          compute the NOL deduction for the taxable year with the inclusion           
          of the carryback.  Id.                                                      
               Section 301.6402-2(b)(1), Proced. & Admin Regs., sets forth            
          the following general requirements concerning the contents of a             
          claim for refund:                                                           
               (b) Grounds set forth in claim.  (1) No refund or                      
               credit will be allowed after the expiration of the                     
               statutory period of limitation applicable to the filing                
               of a claim therefor except upon one or more of the                     
               grounds set forth in a claim filed before the                          
               expiration of such period.  The claim must set forth in                
               detail each ground upon which a credit or refund is                    
               claimed and facts sufficient to apprise the                            
               Commissioner of the exact basis thereof.  * * *                        
               An individual makes a claim for refund of an overpayment of            
          income taxes for a taxable year on a Form 1040X, Amended U.S.               
          Individual Income Tax Return (Form 1040X).  See sec. 301.6402-              
          3(a)(2), Proced. & Admin. Regs.  Alternatively, the taxpayer may            
          file an application under the provisions of section 6411 for a              
          tentative carryback adjustment attributable to an NOL.  Sec.                
          1.172-1(d), Income Tax Regs.  A tentative carryback adjustment              
          can result in a refund’s being paid within 90 days.  Sec.                   

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