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before 1997, but that a portion of the NOL was properly
deductible in one or more of the subject years. See Jones v.
Commissioner, 25 T.C. 1100, 1104 (1956), revd. and remanded on
other grounds 259 F.2d 300 (5th Cir.1958); see also sec. 6001;
sec. 1.6001-1(a), (e), Income Tax Regs. (taxpayers must keep
sufficient records to establish the amounts of any items reported
on their Federal income tax returns). That burden requires at a
minimum that he show that: (1) He had an NOL in at least one
specified taxable year before 1997, (2) he elected to forgo a
carryback of that NOL, see sec. 172(b)(3),5 or, if he made no
such election, the NOL could not be fully deducted against income
in the 3 taxable years immediately preceding the taxable year of
the NOL, (3) the NOL (as adjusted by the amounts deducted in
carryback years) could not be deducted against income in the
taxable years immediately and chronologically following the
taxable year of the NOL, and (4) that 1997 is no more than 15
taxable years after the taxable year of the NOL that he seeks to
deduct in 1997, and that 1998 and 1999 are no more than 15
taxable years after the taxable year of the NOL that he seeks to
deduct in those respective years. See Green v. Commissioner,
T.C. Memo. 2003-244; Lassiter v. Commissioner, T.C. Memo.
5 Sec. 172(b)(3) allows a taxpayer to elect to relinquish
the carryback period. Such an election must be made, in a
prescribed manner, by the due date (including extensions) for
filing the taxpayer’s return for the NOL year in which the
election is to be in effect. Id.
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