SECTION 6. TAXPAYERS THAT

NEITHER ELECTED TO FORGO THE CARRYBACK PERIOD NOR APPLIED THE 2-YEAR CARRYBACK PERIOD

.01 Any taxpayer that:

(1) filed a federal income tax return for a taxable year ending in 2001 or 2002;

(2) did not elect under § 172(b)(3) to forgo the carryback period in general for an NOL incurred in such taxable year; and

(3) did not previously file an application for a tentative carryback adjustment or an amended return using a 2-year carryback period for such NOL, may apply the 2-year carryback period, in lieu of the 5-year carryback period, by following the procedures of section 7 of this revenue procedure on or before October 31, 2002.

.02 For any taxpayer described in section 6.01 of this revenue procedure that does not follow the procedures of section 7 of this revenue procedure to apply the 2-year carryback period, the 5-year carryback period will apply by operation of law. In that event, the period of limitations provided in § 6511 will apply in the case of any claim for refund on an amended return, and the period provided in § 6411(a) will apply in the case of any tentative carryback adjustment, that is based on the 5-year carryback period.