Instructions For Form 1139 - Corporation Application For Tentative Refund

Disaster Areas, for a definition and

the election, it can still make the

Eligible Loss

details.

election on an amended return filed

To the extent the NOL is an eligible

within 6 months of the due date of the

The corporation can make an

loss, the carryback period is 3 years,

return (excluding extensions). Attach

irrevocable election to figure the

but only if the corporation meets the

the election to the amended return

carryback period for a qualified

gross receipts test of section 448(c)

and write “Filed pursuant to section

disaster recovery assistance loss

or is engaged in the trade or business

301.9100-2” on the election

without regard to the special 5-year

of farming (as defined in section

statement.

carryback rule. To make this election,

263A(e)(4)) for the loss year.

attach to the tax return filed by the

The corporation can elect a 3, 4, or

For a corporation, an eligible loss

due date (including extensions), a

5-year carryback period for the

is any loss attributable to a federally

statement that the corporation is

portion of the 2008 NOL that is an

declared disaster (as defined in

electing to treat the qualified disaster

eligible small business loss. Any such

section 1033(h)(3)). An eligible loss

recovery assistance loss without

loss not used in the carryback years

does not include a farming loss, a

regard to the special 5-year carryback

can be carried forward up to 20

qualified disaster loss, a qualified GO

rule. If the corporation timely filed its

years. To make this election, the

Zone loss, a qualified recovery

return without making the election, it

corporation must attach to its tax

assistance loss, or a qualified

can still make the election on an

return a statement that the

disaster recovery assistance loss. An

amended return filed within 6 months

corporation is electing, under section

eligible loss also does not include an

of the due date of the return

172(b)(1)(H), a 3, 4, or 5-year

eligible small business loss for which

(excluding extensions). Attach the

carryback period for its 2008 NOL.

the corporation elects a 3, 4, or

election to the amended return and

The return must be filed by the later

5-year carryback period.

write “Filed pursuant to section

of its due date (including extensions)

301.9100-2” on the election

Only the eligible loss portion of the

or April 17, 2009. If the corporation

statement.

NOL can be carried back 3 years.

filed its tax return without making the

Any such loss not applied in the

If a qualified disaster recovery

election, it can still make the election

preceding 3 years can be carried

on an amended return filed within 6

assistance casualty loss is

forward up to 20 years.

months of the due date of the return

included in an NOL that is

CAUTION

treated as a qualified disaster

(excluding extensions) or, if later, by

Excess Interest Loss

recovery assistance loss, such a

April 17, 2009. Attach the election to

If the corporation has a corporate

casualty loss cannot be deducted as

the amended return and, if filed after

equity reduction transaction, a

a disaster loss occurring in a prior

April 17, 2009, write “Filed pursuant

different carryback period may apply.

year under section 165(i).

to section 301.9100-2” on the election

See section 172(b)(1)(E).

statement. Once made, the election is

Eligible Small Business Loss

Allocation of NOLs when a loss

irrevocable.

An eligible small business loss is the

corporation has an ownership

Changing the carryback period. If

smaller of:

change. If the corporation has a

the corporation has already filed a tax

loss for a year and has an ownership

1. The amount that would be the

return for its 2008 NOL tax year and

change, special rules apply for

2008 NOL if only income, gains,

wants to elect to use a 3, 4, or 5-year

allocating NOLs. For details, see

losses, and deductions attributable to

carryback period for an eligible small

Regulations section 1.382-6.

eligible small businesses were taken

business loss, the corporation must

into account, or

file Form 1139 (or an amended

2. The 2008 NOL.

return) for the earliest tax year to

Specific Instructions

which it is carrying back its 2008

An eligible small business is a

NOL. The Form 1139 or amended

small business as defined in section

Address

return must be filed by the later of:

172(b)(1)(F)(iii), except that its 3-year

Include the room, suite, or other unit

average annual gross receipts can be

1. 6 months after the due date

number after the street address. If the

up to $15 million (instead of $5

(excluding extensions) for filing the

Post Office does not deliver mail to

million). The gross receipts test is

tax return for the corporation’s 2008

the street address and the

applied at the partnership, corporate,

NOL tax year, or

corporation has a P.O. box, enter the

or sole proprietorship level. The

2. April 17, 2009.

box number instead of the street

aggregation rules of section 448(c)(2)

address.

also apply.

Enter “2008 NOL Carryback

If the corporation receives its mail

Election Pursuant to Rev. Proc.

A 2008 NOL is any NOL for a tax

in care of a third party (such as an

2009-19” across the top of the Form

year ending in 2008. However, a

accountant or an attorney), enter on

fiscal year corporation can elect to

1139 or amended return. If the

the street address line “C/O” followed

treat an NOL for a tax year beginning

corporation already filed Form 1139

by the third party’s name and street

in 2008 as a 2008 NOL. To make this

or an amended return to claim its

address or P.O. box.

election, attach to the tax return for

2008 NOL carryback, also enter

“Amended NOL Carryback Election

the tax year beginning in 2008, a

Line 1a—Net Operating Loss

Pursuant to Rev. Proc. 2009-19”

statement that the corporation is

across the top of the amended Form

electing under section 172(b)(1)(H) to

If the corporation is claiming a

1139 or amended return. If the

treat the NOL as a 2008 NOL. The

tentative refund based on the

corporation chooses to file an

return must be filed by the later of its

carryback of any of the NOLs

due date (including extensions) or

amended return, see Filing Form

discussed under Definitions and

April 17, 2009. If the corporation

1120X or Other Amended Return on

Special Rules, include the amount of

timely filed its return without making

page 2.

the carryback on line 1a. Attach any

-4-

Instructions For Form 1139 - Corporation Application For Tentative Refund - 2009 Page 4

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