melvin sustained a net operating loss (NOL) from farming activity in 2020. He filed an extension and will complete his return by October 15, 2021. Which is NOT a valid option for claiming this loss? the loss may be carried back three years and forward 20 using the pre-TCJA rules, the loss can be carried back 5 years and forward indefinitely using the CARES Act rules, Melvin can disregard the CARESAct rules and carry the loss back 2 years and forward indefinitely, Mekvin can elect to waive the carryback period and carry the loss forward indefinitely

the answer is the first choice