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You have to do the calculations to compute the loss carry forward if you elected to forgo the carryback ... this may be a year you use a paid preparer if you are not sure what to do with this complex issue...
Form 1045: http://www.irs.gov/pub/irs-pdf/f1045.pdf
Instructions: http://www.irs.gov/pub/irs-pdf/i1045.pdf
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