Instructions For Form 1045 - Application For Tentative Refund

2010

Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

Definitions

connection with gambling, the racing

Section references are to the Internal

Revenue Code unless otherwise noted.

of animals, or the on-site viewing of

Eligible loss. For an individual, an

such racing, and the portion of any

eligible loss is any loss of property

real property (determined by square

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arising from fire, storm, shipwreck,

footage) that is dedicated to

other casualty, or theft.

gambling, the racing of animals, or

Carryback of eligible small

the on-site viewing of such racing,

For a small business (as defined in

business credits. Eligible small

unless this portion is less than 100

section 172(b)(1)(F)(iii)) or a farming

business credits determined in your

square feet.

business (as defined in section

first tax year beginning in 2010 are

263A(e)(4)), an eligible loss is any

Qualified GO Zone loss. For 2010,

carried back to each of the 5

loss attributable to a federally

a qualified GO Zone loss is the

preceding tax years, beginning with

declared disaster (as defined in

smaller of:

the earliest year. See Line

section 165(h)(3)(C)(i)).

1. The excess of the NOL for the

1b–Unused General Business Credit

An eligible loss does not include a

year over the specified liability loss

on page 2.

farming loss, a qualified disaster loss,

for the year to which a 10-year

a qualified GO Zone loss, or a

carryback applies, or

qualified disaster recovery assistance

2. The total of any special GO

General Instructions

loss.

Zone depreciation or amortization

allowable for specified GO Zone

Farming loss. A farming loss is the

Purpose of Form

extension property for the tax year

smaller of:

•

such property is placed in service

The amount that would be the NOL

Form 1045 is used by an individual,

(even if you elected not to claim the

for the tax year if only income and

estate, or trust to apply for a quick tax

special GO Zone depreciation

deductions attributable to farming

refund resulting from:

allowance for such property).

•

businesses (as defined in section

The carryback of an NOL,

•

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

The carryback of an unused

For more information on the special

general business credit,

GO Zone depreciation allowance, and

•

The NOL for the tax year.

The carryback of a net section

the definition of specified GO Zone

A farming loss does not include a

1256 contracts loss, or

extension property, see Publication

•

qualified disaster loss.

An overpayment of tax due to a

536, Net Operating Losses (NOLs)

claim of right adjustment under

Qualified disaster loss. A qualified

for Individuals, Estates, and Trusts.

section 1341(b)(1).

disaster loss is the smaller of:

Qualified disaster recovery

1. The sum of:

assistance loss. For the definition

When carrying back an NOL

a. Any losses occurring in a

of qualified disaster recovery

to an earlier tax year, an

disaster area (as defined in section

assistance loss, see page 5 of Pub.

alternative minimum tax

CAUTION

165(h)(3)(C)) and attributable to a

4492-B, Information for Affected

(AMT) liability may be created for that

federally declared disaster occurring

Taxpayers in the Midwestern Disaster

earlier year. This may be true even if

before January 1, 2010, plus

Areas.

there was no AMT liability when the

b. Any qualified disaster expenses

tax return for that earlier year was

Specified liability loss. Generally,

allowable under section 198A (even if

filed.

a specified liability loss is a loss

you did not elect to treat such

Waiving the carryback period. You

arising from:

expenses as qualified disaster

•

Product liability, or

can elect to carry an NOL forward

expenses), or

•

An act (or failure to act) that

only, instead of first carrying it back.

2. The NOL for the tax year.

occurred at least 3 years before the

To make this election for an NOL

beginning of the loss year and

incurred in your 2010 tax year, attach

Excluded losses. A qualified

resulted in a liability under a federal

to your 2010 tax return filed on or

disaster loss does not include any

or state law requiring:

before the due date (including

losses from property used in

extensions) a statement that you are

1. Reclamation of land,

connection with any private or

electing under section 172(b)(3) to

2. Dismantling of a drilling

commercial golf course, country club,

relinquish the entire carryback period

platform,

massage parlor, hot tub facility,

for any 2010 NOL. If you filed your

3. Remediation of environmental

suntan facility, or any store for which

return on time without making the

contamination, or

the principal business is the sale of

election, you can still make the

4. Payment under any workers

alcoholic beverages for consumption

election on an amended return filed

compensation act.

off premises.

within 6 months of the due date of the

return (excluding extensions). Attach

A qualified disaster loss also does

Any loss from a liability arising

the election to the amended return,

not include any losses from any

from (1) through (4) above can be

and write “Filed pursuant to section

gambling or animal racing property.

taken into account as a specified

301.9100-2” on the election

Gambling or animal racing property is

liability loss only if you used an

statement. Once made, the election is

any equipment, furniture, software, or

accrual method of accounting

irrevocable.

other property used directly in

throughout the period in which the act

Cat. No. 13666W

Instructions For Form 1045 - Application For Tentative Refund - 2010

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