Form K-139f - Corporate Schedule For Refund From Carry Back Of Farm Net Operating Loss - 2008 Page 2

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CHART II - FARM NET OPERATING LOSS (REFUND/CARRY FORWARD TRACKING)
(a) Taxable year: ____/____/____ to ____/____/____.
(b) Loss year: ____/____/____ to ____/____/____. (c) Amount from K-139F, Chart I, line 11j: __________________________ .
(e)
(f)
(g)
(d)
Amount of Carry Forward
Amount of Refund
Tax Liability
(limited to the tax liability amount)
Balance
(limited to $1,500 per year)
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
Tax Year: ___ ___ ___ ___
INSTRUCTIONS FOR SCHEDULE K-139F (Include Schedule K-139F with your loss year return)
GENERAL INFORMATION
loss is carried back to tax year 2000 income and a
(c) Enter the amount from Chart I, line 11j of this Farm
$5,000 refund is due, $1,500 of the total refund will be
NOL Schedule.
Chart I is for reporting net operating farm loss [as
refunded to the taxpayer upon processing of the 2000
(d) Enter the amount of refunds, by tax year, already
defined by 26 U.S.C. 172(j)] carry backs only. Kansas
tax year return in 2001. A second payment of $1,500 will
issued to you as a result of a farm NOL. A
tax laws regarding net operating farm losses are in
be refunded upon processing of the 2001 tax year return
maximum refund of $1,500 per year is allowed as
conformity with the federal net operating farm loss
in 2002. A third payment of $1,500 will be refunded upon
a result of a Farm NOL. For tax years beginning
(NOL) tax laws. Therefore, corporations must have a
processing of the 2002 tax year return in 2003, and the
with 2006, taxpayers may carry forward some or
NOL farm loss in order to have a Kansas NOL. See
remaining balance of $500 will be refunded in 2004.
all of the overpayment of tax (as a result of a farm
K.S.A. 79-32,143.
K.S.A. 79-32,143(f) allows a carry forward of any
NOL carry back) to any future year(s) to be used
For net operating farm losses [as defined by 26
overpayment as a result of a farm NOL carry back:
as a credit against any tax owed. Enter in column
U.S.C. 172(j)] incurred in taxable years beginning after
(d) the amount of refund, if any, you are requesting.
No refund of income tax which results from a farm
December 31, 1999, a net operating farm loss deduction
NOL carry back shall be allowed in an amount
Enter this same amount on the appropriate line of
is allowed under Kansas law in the same manner that it
exceeding $1,500 in any year. Any overpayment in
Form K-120, PART I, refundable credit.
is allowed under the federal internal revenue code
excess of $1,500 may be carried forward to any
except that such NOL may be carried forward to each
(e) For tax year beginning on and after July 1, 2006,
year or years after the year of the loss and may be
of the ten (10) taxable years following the taxable year
enter the amount of your tax liability for this tax
claimed as a credit against the tax. The refundable
of the net operating loss. Furthermore, said net
year after all credits other than this credit.
portion of such credit shall not exceed $1,500 in any
operating farm losses (those incurred in taxable years
year. (Emphasis added).
(f) For tax year beginning on and after July 1, 2006,
beginning after December 31, 1999) may be carried
enter the amount of tax you want applied to this
INSTRUCTIONS FOR CHART II
back a maximum of five (5) taxable years (if carried
tax year’s liability (do not enter more than this year’s
back on the federal return).
Attach a copy of the
Use Chart II to track refunds (as a result of a farm
tax liabiltiy). Enter this same amount on the
federal return 1139 or 1120X.
NOL carry back) and any subsequent carry forward of
appropriate line of Form K-120, PART I,
Any refund of income tax which results from a farm
those refunds.
nonrefundable credit.
NOL carry back shall be allowed in an amount not to
(a) Enter the taxable year of your return.
(g) Enter the balance of the overpayment here.
exceed $1,500 per year. Any refund in excess of $1,500
Subtract the sum of (g) and (f) from the previous
in a given year will be carried forward for payment in
(b) Enter the loss year from which the overpayment of
year’s balance.
the next calendar year. For example, if tax year 2005
tax results.

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