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Orthogonal frequency division multiplexing (OFDM) system, which is known to have a robustness against multipath environments, exhibits signal waveform with high Peak-to-Average Power Ratio (PAR), and therefore some PAR reduction techniques should be incorporated for practical communication systems. The clipping and filtering (CAF) is known as a simple and practical method to reduce the PAR, but it introduces nonlinear distortion that may cause substantial degradation in its BER performance. The clipping noise cancellation (CNC) is a promising approach that can compensate for this degradation, but its achievable performance has not been thoroughly analyzed. In this paper, we study the achievable performance of a CNC technique for the OFDM with high-order coded modulation with CAF. We investigate the performance of the soft-input soft-output (SISO) iterative decoding between the channel decoder and soft mapping, which can significantly improve the BER performance at the cost of increasing receiver complexity. The existence of the SISO decoder also enables us to analyze the performance of CNC by EXIT chart. Furthermore, the performances of bit interleaved coded modulation (BICM) and multilevel coded modulation (MLC) are compared and it turns out that MLC will outperform BICM in some cases.