NOL Carryforward election

[Sparky]

Taxpayer is filing 2008 taxes today and has an NOL. Because this return is late does he loose his election to carry the NOL forward? Does he have to go back?

[jimmcg]

See Tax Book page 8-16

[Roland Slugg]

Because this return is late does he loose [sic] his election to carry the NOL forward?

Yes. The election must be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. (Code §172(b)(3))