Emily is an interior decorator who does consulting work for several furniture stores. Additionally, she has been designing and creating rubber stamps for the past several years. She sells the stamps to local stationary and novelty shops. Emily has reported the following net income or loss from the rubber stamp activity:
Emily is audited for the year 2022, and the agent disallows the $800 loss. Can Emily make an election for 2022 to keep the year open in anticipation of meeting the presumptive rule for the year? Why or why not?

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Year 2017 2018 2019 2020 2021 2022 Net Income (Loss) $300 (900) (400) 600 (550) (800)