Instructions For Form 1139 - Corporation Application For Tentative Refund

make the election, attach to the

A qualified disaster loss does not

A corporation can make an

corporation’s timely filed tax return for

include any loss from property used

irrevocable election to figure the

the loss year a statement that the

in connection with any private or

carryback period for a qualified GO

corporation is electing to have the

commercial golf course, country club,

Zone loss without regard to the

carryback period for the NOL under

massage parlor, hot tub facility,

special 5-year carryback rule. To

section 172(b)(1)(C) determined

suntan facility, or any store for which

make the election, attach to the

without regard to the special 10-year

the principal business is the sale of

corporation’s timely filed tax return for

carryback rule. If the corporation

alcoholic beverages for consumption

the loss year a statement that the

timely filed its tax return without

off premises or any gambling or

corporation is electing to have the

making the election, it can make the

animal racing property. See sections

carryback period for the NOL under

election on an amended return filed

172(j)(4) and 1400N(p)(3) for more

section 1400N(k)(1)(A)(i) determined

within 6 months of the due date of the

details.

without regard to the special 5-year

return (excluding extensions). Attach

carryback rule. If the corporation

The portion of an NOL that is a

the election to the amended return

timely filed its tax return without

qualified disaster loss can be carried

and write “Filed pursuant to section

making the election, it can make the

back 5 years. Any such loss not

301.9100-2” on the election

election on an amended return filed

applied in the 5 preceding years can

statement.

within 6 months of the due date of the

be carried forward up to 20 years.

return (excluding extensions). Attach

Farming Loss

the election to the amended return

The corporation can make an

A farming loss is the smaller of:

and write “Filed pursuant to section

irrevocable election to figure the

1. The amount that would be the

301.9100-2” on the election

carryback period for the qualified

NOL for the tax year if only income

statement.

disaster loss without regard to the

and deductions attributable to farming

special 5-year carryback rule. To

Qualified Recovery Assistance

businesses (as defined in section

make this election, attach to the tax

Loss

263A(e)(4)) were taken into account,

return filed by the due date (including

To the extent an NOL is a qualified

extensions), a statement that the

recovery assistance loss, the

2. The NOL for the tax year.

corporation is electing to treat the

corporation can carryback that part of

qualified disaster loss without regard

To the extent the NOL is a farming

the loss 5 years. Any such loss not

to the special 5-year carryback rule. If

loss, the carryback period is 5 years.

applied in the 5 preceding years can

the corporation timely filed its return

However, the corporation can

be carried forward up to 20 years.

without making the election, it can still

make an irrevocable election to figure

See Publication 4492-A, Information

make the election on an amended

the carryback period for a farming

for Taxpayers Affected by the May 4,

return filed within 6 months of the due

loss without regard to the special

2007, Kansas Storms and

date of the return (excluding

5-year carryback rule. To make this

Tornadoes, for a definition and

extensions). Attach the election to the

election, attach to the corporation’s

details.

amended return and write “Filed

timely filed tax return for the loss year

The corporation can make an

pursuant to section 301.9100-2” on

a statement that the corporation is

irrevocable election to figure the

the election statement.

electing to have the carryback period

carryback period for a qualified

for the NOL under section

Qualified Gulf Opportunity Zone

recovery assistance loss without

172(b)(1)(G) determined without

(GO Zone) Loss

regard to the special 5-year carryback

rule. To make this election, attach to

For tax years beginning in 2008 and

rule. If the corporation timely filed its

the tax return filed by the due date

later, a qualified GO Zone loss is the

tax return without making the

(including extensions), a statement

smaller of:

election, it can make the election on

that the corporation is electing to treat

1. The NOL for the tax year

an amended return filed within 6

the qualified recovery assistance loss

reduced by any specified liability loss

months of the due date of the return

without regard to the special 5-year

to which a 10-year carryback applies,

(excluding extensions). Attach the

carryback rule. If the corporation

election to the amended return and

timely filed its return without making

write “Filed pursuant to section

2. Any depreciation or

the election, it can still make the

301.9100-2” on the election

amortization allowable for any

election on an amended return filed

statement.

qualified GO Zone nonresidential real

within 6 months of the due date of the

property and residential rental

Qualified Disaster Loss

return (excluding extensions). Attach

property placed in service during the

the election to the amended return

A qualified disaster loss is the smaller

tax year and before 2009 and

and write “Filed pursuant to section

of:

specified GO Zone extension

301.9100-2” on the election

1. The sum of:

property placed in service during the

statement.

tax year and after 2008 and generally

a. Any loss occurring in a disaster

Qualified Disaster Recovery

before 2011 (even if an election was

area and attributable to a federally

Assistance Loss

made not to claim any special

declared disaster (as defined in

depreciation allowance for such

section 165(h)(3)(C)), occurring

To the extent an NOL is a qualified

property).

before January 1, 2010, and

disaster recovery assistance loss, the

b. Any qualified disaster expenses

corporation can carry back that part

allowable under section 198A (even if

The portion of an NOL that is a

of the loss 5 years. Any such loss not

the corporation did not elect to treat

qualified GO Zone loss can be carried

applied in the 5 preceding years can

such expenses as qualified disaster

back 5 years. Any such loss not

be carried forward up to 20 years.

expenses), or

applied in the 5 preceding years can

See Pub. 4492-B, Information for

2. The NOL for the tax year.

be carried forward up to 20 years.

Affected Taxpayers in the Midwestern

-3-

Instructions For Form 1139 - Corporation Application For Tentative Refund - 2009 Page 3

Related Articles

Related forms

Related Categories