SECTION 4. REVOCATIONS

REGARDING WAIVERS OF CARRYBACK PERIODS

.01 Revocation of election not to apply the two-year carryback period for farm- ing losses —(1) Overview . A taxpayer that, pursuant to § 172(b)(1)(B)(iv) or § 172(b) (3) of the Code, elected not to have the two-year carryback period apply to the farming loss portion of a Farming Loss NOL incurred in a taxable year beginning in 2018 or 2019 may revoke that election if the taxpayer—

(a) made that election before December 27, 2020; and

(b) satisfies all of the conditions described in section 4.01(2) of this revenue procedure.

(2) Time and manner for filing a revo- cation . To make a valid revocation under section 4.01(1) of this revenue procedure, a taxpayer must satisfy the following conditions:

(a) Revocation deadline . A taxpayer must make the revocation described in section 4.01(1) of this revenue procedure by the date that is 3 years after the due date, including extensions of time, for filing the return for the taxable year the Farming Loss NOL was incurred.

(b) Required statement . The taxpayer must attach a statement to an amended return for the loss year. The statement must provide in type or legible writing at the top of the statement the following: “Pursuant to section 4.01 of Rev. Proc.

July 26, 2021 160 Bulletin No. 2021–30

2021-14 the taxpayer is revoking a prior §172(b)(1)(B)(iv) or § 172(b)(3) election not to have the two-year carryback period provided by § 172(b)(1)(B)(i) apply to the Farming Loss NOL, as defined in section 1.01 of Rev. Proc. 2021-14 , incurred in the taxable year.”