Instructions For Form 1139 - Corporation Application For Tentative Refund

Department of the Treasury

Instructions for Form 1139

Internal Revenue Service

(Rev. March 2009)

(Use with the August 2006 revision of Form 1139.)

Corporation Application for Tentative Refund

•

An overpayment of tax due to a

To elect a 3, 4, or 5-year carryback

Section references are to the Internal

Revenue Code unless otherwise noted.

claim of right adjustment under

for an eligible small business loss

section 1341(b)(1).

arising in a tax year ending before

What’s New

February 17, 2009, the corporation

Waiving the NOL carryback period.

must file Form 1139 by the later of

5-year carryback of 2008 net

A corporation can elect to carry an

the regular due date or April 17,

operating losses (NOLs) for

NOL forward instead of first carrying it

eligible small businesses. An

2009.

back. Make this election by attaching

eligible small business can elect a 3,

a statement to a timely filed tax return

4, or 5-year carryback period for

The corporation must file its

(including extensions) for the tax year

certain 2008 net operating losses

income tax return for the tax

of the NOL indicating that the

(NOLs). Other special rules also

year no later than the date it

corporation is electing to relinquish

CAUTION

apply. See Eligible Small Business

files Form 1139.

the entire carryback period under

Loss on page 4.

section 172(b)(3) for any NOLs

If the corporation filed Form 1138,

incurred in that tax year.

Tax relief for disaster area losses.

Extension of Time for Payment of

A 5-year carryback period applies to

If the corporation timely filed its

Taxes by a Corporation Expecting a

the portion of an NOL that is:

return for the loss year without

Net Operating Loss Carryback, it can

•

A qualified disaster loss attributable

making the election, it can make the

get an additional extension of time to

to a disaster that is in an area

election on an amended return filed

pay. To do so, file Form 1139 by the

declared by the President to be

within 6 months of the due date of the

last day of the month that includes

eligible for federal disaster

loss year return (excluding

the due date (including extensions)

assistance,

extensions). Attach the election to the

•

for filing the return for the tax year

A qualified recovery assistance

amended return and write “Filed

from which the NOL carryback arose.

loss attributable to losses in the

pursuant to section 301.9100-2” on

Kansas disaster area, or

the election statement. Once made,

Qualified new members of a

•

A qualified disaster recovery

the election is irrevocable, except as

consolidated group. The general

assistance loss attributable to losses

explained in the next paragraph.

rule above applies to the time for

in the Midwestern disaster areas.

filing of Form 1139 by a consolidated

Revoking the election to waive

See the instructions for each

group. However, for this purpose, a

the carryback period. The

applicable loss under Definitions and

separate return year of a qualified

corporation can revoke an election

Special Rules.

new member (see below) that ends

under section 172(b)(3) to waive the

on the date of joining the new group

carryback period for an NOL arising

Alternative minimum tax net

is treated as ending on the same date

in a tax year ending before February

operating loss deduction

as the end of the tax year of the

17, 2009, and make the election

(ATNOLD). The 90% limit on the

under section 172(b)(1)(H) to use a 3,

consolidated group that includes the

ATNOLD does not apply to the

4, or 5-year carryback period for an

date of the end of the separate return

portion of the ATNOLD attributable to

eligible small business loss. To

year. If this special treatment applies,

a qualified disaster loss, a qualified

revoke the election, file Form 1139

see the instructions for line 5 on page

recovery assistance loss, and a

(or an amended return) for the

5. A new member of a consolidated

qualified disaster recovery assistance

earliest tax year to which the

group is a qualified new member if

loss. See page 5 of the instructions.

corporation is carrying back its 2008

immediately prior to becoming a new

Qualified GO Zone losses. The

NOL. Enter “2008 NOL Carryback

member either:

definition of a qualified GO Zone loss

•

Election and Revocation of NOL

It was the common parent of a

no longer includes certain deductions.

Carryback Waiver Pursuant to Rev.

consolidated group, or

See page 3.

Proc. 2009-19” across the top of the

•

It was not required to join in the

Form 1139 (or an amended return). If

filing of a consolidated return.

General Instructions

filing an amended return, see Filing

Form 1120X or Other Amended

Where To File

Purpose of Form

Return on page 2.

File Form 1139 with the Internal

A corporation (other than an S

When To File

Revenue Service Center where the

corporation) files Form 1139 to apply

corporation files its income tax return.

for a quick refund of taxes from:

Generally, the corporation must file

•

The carryback of an NOL,

Form 1139 within 12 months of the

•

Do not file Form 1139 with the

The carryback of a net capital loss,

end of the tax year in which an NOL,

•

corporation’s income tax

The carryback of an unused

net capital loss, unused credit, or

return.

CAUTION

general business credit, or

claim of right adjustment arose.

Cat. No. 20631X

Instructions For Form 1139 - Corporation Application For Tentative Refund - 2009

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