- 8 -
return that indicated their intention to make an election under
section 172(b)(3) to waive the NOL carryback period. Likewise,
nothing on the 1995 return itself suggested that petitioners
intended to make such an election.
Accordingly, we hold that petitioners did not satisfy the
requirements under section 172(b)(3) for making a valid election
to waive the NOL carryback period. We therefore sustain
respondent’s disallowance of the NOL carryover claimed by
petitioners on their 1996 return.
Reviewed and adopted as the report of the Small Tax
Division.
To reflect the foregoing,
Decision will be
entered under Rule 155.
Page: Previous 1 2 3 4 5 6 7 8 9
Last modified: May 25, 2011