SECTION 4. TAXPAYERS THAT

ELECTED TO FORGO THE CARRYBACK PERIOD

.01 In order to give effect to the intent of Congress to allow taxpayers a 5-year NOL carryback period, any taxpayer that previously elected under § 172(b)(3) to forgo the carryback period for an NOL for any taxable year ending in 2001 or 2002 may revoke such election in order to apply the 5-year carryback period by following the procedures of section 7 of this revenue procedure on or before October 31, 2002. Any revocation of the election to forgo the NOL carryback period will also apply to a carryback of any alternative tax NOL for the same taxable year.

.02 If a taxpayer that previously elected under § 172(b)(3) to forgo the carryback period for an NOL incurred in a taxable year ending in 2001 or 2002 does

2002–23 I.R.B. 1097 June 10, 2002

not want to revoke that election in order to use the 5-year carryback period provided by § 172(b)(1)(H), the taxpayer need not file any additional form or statement. Unless the taxpayer follows the procedures set forth in section 7 of this revenue procedure, the taxpayer’s previous election applies as well to forgo the 5-year carryback period.