Washington (May 28, 2002) -- The Internal Revenue Service will allow taxpayers until Oct. 31, 2002, to choose whether or not they want to use the new five-year carryback period for net operating losses (NOLs) made possible by the tax law enacted in March.

The new law made the extended carryback period effective for tax years ending in 2001 or 2002, but some taxpayers who filed returns before the law was passed would not have been able to use this provision.

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