@chucknjr wrote:
Speaking of which, one can elect not to use an NOL in a given year right? If you elect not to use it, do you just carryover the full amount to the next year or is it reduced by the calculations in the NOL worksheet every year you don't use it?
If you are really interested in this subject, you can start by reading the IRS publication at the link below and note that the CARES Act revised some provisions of the TCJA.
https://www.irs.gov/publications/p536
Otherwise, you can waive the carryback period and carry an NOL forward but you cannot elect to skip a subsequent tax year; you must apply the NOL to each consecutive tax year until it is fully exhausted.
