The Internal Revenue Service has published
The election applies to an applicable NOL, which is an NOL for a taxable year ending after December 31, 2007, and beginning before Jan. 1, 2010. The notice answers frequently asked questions about election procedures, deadlines, and eligibility; the alternative tax net operating loss deduction; and the 50 percent limitation on an NOL carried back to the 5th preceding taxable year.
Notice 2010-58 will appear in IRB 2010-37 dated Sept. 13, 2010.