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to amendment No. 1 was consistent with the amount on the timely
filed Form 1040X and the revised Form 1040 attached to it.
Neither handwritten note, however, claimed an election under
section 172. It has been held that "at the very least, an
election under section 172 must correctly cite section 172."
Powers v. Commissioner, 43 F.3d 172, 177 (5th Cir. 1995).
The Court is not convinced that petitioner either literally
or substantially complied with the statutory election
requirement. Accordingly, the Court holds that petitioner must
carry back her NOL before any portion of it may be carried
forward.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011