TAXMAN Posted February 11, 2011 Report Posted February 11, 2011 Can a 1120-c corp that had a profit in 2007 and net loss in 2008,2009,2010 and check the forgo box on the 2008 and 2009 now change his mind and carry back the 2008 and 2009 to the 2007 return? After reading much I don't think he can. What do members who deal with C-corps think? Thanks Quote
Gail in Virginia Posted February 12, 2011 Report Posted February 12, 2011 Once the election is made to forgo the carry-back of an NOL, I don't think that it can be revoked whether it is corporate or personal. Quote
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