@frankharry wrote:
I take it the form specified in the program, the IRC 172(b)(3) Election to Forego the Election Carryback Period for Net OperatingLoss statement no longer exists, since the IRS no longer allows NOL carryback?
The NOL carryback is not relevant to your scenario because the trust does not have an NOL; it has a capital loss carryover. A capital loss cannot produce an NOL.
Capital loss carryovers can be used to offset all other types of income (up to $3,000), but immediately will be used to offset capital gains.
