SECTION 5. TAXPAYERS THAT

APPLIED THE 2-YEAR CARRYBACK PERIOD

.01 If a taxpayer that previously filed an application for a tentative carryback adjustment (whether or not the Service has acted upon such application) or an amended return using a 2-year carryback period for an NOL incurred in a taxable year ending in 2001 or 2002, and that did not elect to forgo the 5-year carryback period under § 172(j), wants to use the 5-year carryback provided under § 172 (b)(1)(H), the taxpayer may do so by following the procedures of section 7 of this revenue procedure on or before October 31, 2002. Any amendment of a prior refund claim will also apply to a carryback of any alternative tax NOL for the same taxable year. In the case of an amended application for a tentative carryback adjustment, the 90-day period described in § 6411(b) will begin on the date the amended declaration is filed.

.02 If a taxpayer that previously filed an application for a tentative carryback adjustment or an amended return using a 2-year carryback period for an NOL incurred in a taxable year ending in 2001 or 2002 prefers to apply the 2-year carryback period, rather than the 5-year carryback period provided under § 172(b) (1)(H), the taxpayer need not file any form or statement in order to satisfy the requirements for an election under § 172 (j) to forgo the 5-year carryback period. Unless the taxpayer follows the procedures of section 7 of this revenue procedure, the taxpayer will be considered to have made an election under § 172(j) to forgo the 5-year carryback period in favor of the 2-year carryback period.