; indefinite carryforward (1) In general Section 172(b)(1)(A) is amended— (A) by striking shall be a net operating loss carryback to each of the 2 taxable years in clause (i) and inserting except as otherwise provided in this paragraph, shall not be a net operating loss carryback to any taxable year , and (B) by striking to each of the 20 taxable years in clause (ii) and inserting to each taxable year . (2) Conforming amendment Section 172(b)(1) is amended by striking subparagraphs (B) through (F). (c) Treatment of farming losses (1) Allowance of carrybacks Section 172(b)(1), as amended by subsection (b)(2), is amended by adding at the end the following new subparagraph: (B) Farming losses (i) In general In the case of any portion of a net operating loss for the taxable year which is a farming loss with respect to the taxpayer, such loss shall be a net operating loss carryback to each of the 2 taxable years preceding the taxable year of such loss. (ii) Farming loss For purposes of this section, the term farming loss means the lesser of— (I) the amount which would be the net operating loss for the taxable year if only income and deductions attributable to farming businesses (as defined in section 263A(e)(4)) are taken into account, or (II) the amount of the net operating loss for such taxable year. (iii) Coordination with paragraph (2) For purposes of applying paragraph (2), a farming loss for any taxable year shall be treated as a separate net operating loss for such taxable year to be taken into account after the remaining portion of the net operating loss for such taxable year. (iv) Election Any taxpayer entitled to a 2-year carryback under clause (i) from any loss year may elect not to have such clause apply to such loss year. Such election shall be made in such manner as prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable