Instructions For Form 1045 - Application For Tentative Refund

2006

Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

An eligible loss does not include a

a. Qualified GO Zone casualty

General Instructions

farming loss or a qualified GO Zone

loss (defined below),

Section references are to the Internal

loss.

b. Moving expenses paid or

Revenue Code unless otherwise

incurred for the employment of an

Farming loss. A farming loss is the

noted.

individual whose main home was in

smaller of:

•

the GO Zone before August 28, 2005,

The amount that would be the NOL

Purpose of Form

who was unable to remain in that

for the tax year if only income and

home because of Hurricane Katrina,

deductions attributable to farming

Form 1045 is used by an individual,

and whose main job location (after

businesses (as defined in section

estate, or trust to apply for a quick tax

the move) is in the GO Zone,

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

refund resulting from:

•

c. Temporary housing expenses

The carryback of an NOL,

•

The NOL for the tax year.

paid or incurred to house employees

•

The carryback of an unused

of the taxpayer whose main job

Certain timber losses. Income

general business credit,

location is in the GO Zone,

and deductions attributable to

•

The carryback of a net section

qualified timber property can be

d. Depreciation or amortization

1256 contracts loss, or

treated as attributable to a farming

allowable for any qualified GO Zone

•

An overpayment of tax due to a

business if any portion of the property

property (even if you elected not to

claim of right adjustment under

is located in the GO Zone, Rita GO

claim the special GO Zone

section 1341(b)(1).

Zone, or Wilma GO Zone.

depreciation allowance for such

property) for the year placed in

Waiving the carryback period. You

However, these rules apply only to

service, and

a timber producer who:

can elect to carry an NOL forward

e. Repair expenses (including

only, instead of first carrying it back.

1. Held qualified timber property

expenses for the removal of debris)

To make this election for an NOL

(defined in Pub. 535, Business

paid or incurred for any damage from

incurred in your 2006 tax year, attach

Expenses) on the applicable date

Hurricane Katrina to property located

to your 2006 tax return filed on or

below:

in the GO Zone.

before the due date (including

a. August 28, 2005, if any portion

extensions) a statement that you are

of the property is located in the GO

electing under section 172(b)(3) to

See Pub. 4492 for a list of counties

Zone,

relinquish the entire carryback period

and parishes included in the GO

b. September 23, 2005, if any

for any 2006 NOL. If you filed your

Zone.

portion of the property is located in

return on time without making the

the Rita GO Zone (but not in the GO

Qualified GO Zone casualty

election, you can still make the

Zone), or

loss. A qualified GO Zone casualty

election on an amended return filed

c. October 23, 2005, if any portion

loss is any deductible section 1231

within 6 months of the due date of the

of the property is located in the Wilma

loss of property located in the GO

return (excluding extensions). Attach

GO Zone (but not in the GO Zone or

Zone if the loss was caused by

the election to the amended return,

the Rita GO Zone); and

Hurricane Katrina. For this purpose,

and write “Filed pursuant to section

2. Did not hold more than 500

the amount of the loss is reduced by

301.9100-2” on the election

acres of qualified timber property on

any recognized gain from an

statement. File the amended return at

the applicable date above.

involuntary conversion caused by

the same address you used for your

Hurricane Katrina of property located

original return. Once made, the

See Pub. 4492, Information for

in the GO Zone. Any such loss taken

election is irrevocable.

Taxpayers Affected by Hurricanes

into account in figuring your qualified

Katrina, Rita, and Wilma, for a list of

GO Zone loss is not eligible for the

Definitions

counties and parishes included in the

election to be treated as having

GO Zone, Rita GO Zone, and Wilma

occurred in the previous tax year.

Eligible loss. For an individual, an

GO Zone.

eligible loss is any loss of property

Specified liability loss. Generally, a

Qualified GO Zone loss. A qualified

arising from fire, storm, shipwreck,

specified liability loss is a loss arising

GO Zone loss is the smaller of:

other casualty, or theft.

from:

1. The excess of the NOL for the

•

Product liability, or

For a small business (as defined in

year over the specified liability loss

•

An act (or failure to act) that

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

for the year to which a 10-year

occurred at least 3 years before the

business (as defined in section

carryback applies, or

beginning of the loss year and

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

2. The total of the following

resulted in a liability under a federal

loss attributable to a Presidentially

deductions (to the extent they are

or state law requiring:

declared disaster (as defined in

taken into account in computing the

section 1033(h)(3)).

NOL for the tax year):

1. Reclamation of land,

Cat. No. 13666W

Instructions For Form 1045 - Application For Tentative Refund - 2006

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