Rev. Proc. 2021-14, page 158.

This revenue procedure provides guidance regarding elections and revocations related to § 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act, Public Law 116-136, 134 Stat. 281 (Mar. 27, 2020), as added by § 281 of the COVID-related Tax Relief Act of 2020, which was enacted as Subtitle B of Division N of the Consolidated Appropriations Act, 2021 (CAA 2021), Public Law 116-260, 134 Stat. 1182 (Dec. 27, 2020). Section 2303(e) of the CARES Act provides special rules for taxpayers with a net operating loss (NOL) for any taxable year beginning in 2018, 2019, or 2020, all or a portion of which consists of a “farming loss,” as defined by § 172(b)(1)(B)(ii) of the Internal Revenue Code.