Instructions For Claims Based On Credit(S) Form Nyc-8

Form NYC-8 - 2001

Page 3

If this claim is based on a UBT Paid Credit, file an amend-

5. Certain taxpayers may claim a pre-audit refund or

ed Form NYC-3L or NYC-3A and include Form NYC-9.7.

credit based on a net operating loss carryback by fil-

ing Form NYC-8CB. That form may only be used if

CLAIMS BASED ON NET OPERATING LOSSES

the total amount of the refund claimed does not

OR NET CAPITAL LOSSES

exceed $5,000. Corporations included in a federal

Consolidated Return or in a NYC Combined Return

1. A claim for credit or refund due to a net operating loss

may not use Form NYC-8CB.

carryback or net capital loss carryback must be filed

within the following time periods, whichever expires

6. A net operating loss deduction for City purposes is the

latest:

same as allowed for federal purposes, subject to cer-

tain modifications and adjustments. These adjust-

three years from the time the return was due for

ments reflect inclusions and exclusions required in

the taxable year of the loss, or

the calculation of entire net income that is subject to

six months after the expiration of the period for

the General Corporation Tax.

assessing the tax for the taxable year of the loss, if

7. When a highly leveraged transaction occurs, any net

extended by agreement of the taxpayer and the

operating loss of a target corporation from prior years

Department of Finance, or

or a loss sustained in the year of merger, acquisition

two years from the time the report of federal or

or consolidation occurring after July 1, 1989 cannot be

State change was required to be filed with the

used by the acquiring corporation. (Refer to Section

Department of Finance for the taxable year to

11-602 of the Administrative Code.) This provision

which the loss is to be carried, if such change or

does not apply for taxable years beginning on or after

correction of federal or New York State taxable

January 1, 2000.

income results in an overpayment.

For other modifications and limitations applicable in comput-

2. If this claim for credit or refund is based on a net oper-

ing the net operating loss deduction, refer to Administrative

ating loss carryback or a net capital loss carryback,

Code Section 11-602.8(f).

this claim must be accompanied by copies of federal

Preparer Authorization: If you want to allow the

Forms 1139 and 4188 or other forms evidencing

Department of Finance to discuss your return with the

allowance of your claim by the Internal Revenue

paid preparer who signed it, you must check the "yes"

Service. If the above mentioned federal forms are not

box in the signature area of the return. This authorization

available, attach an affidavit signed by an officer of the

applies only to the individual whose signature appears in

corporation stating that the refund was received, the

the "Preparer's Use Only" section of your return. It does

date of the refund, the amount and the applicable peri-

not apply to the firm, if any, shown in that section. By

od. If the federal refund was adjusted, give an expla-

checking the "Yes" box, you are authorizing the

nation.

Department of Finance to call the preparer to answer any

If no federal claim was made because of an election to

questions that may arise during the processing of your

file as an S corporation or because your corporation

return. Also, you are authorizing the preparer to:

was included as part of a consolidated group, submit a

statement showing how federal net operating losses

Give the Department any information missing from

would have been applied if separate corporate returns

your return,

had been filed on Form 1120. An S corporation must

Call the Department for information about the pro-

submit with its claim a copy of its federal Form 1120S

cessing of your return or the status of your refund or

for the year of loss.

payment(s), and

3. For a net operating loss sustained during a tax year

ending after June 30, 1989, only the first $10,000 of

Respond to certain notices that you have shared

loss for that year may be carried back.

with the preparer about math errors, offsets, and

return preparation. The notices will not be sent to the

4. If a combined return was filed for City purposes, sub-

preparer.

mit a statement showing how federal net operating

losses or net capital losses would have been applied if

You are not authorizing the preparer to receive any

a federal Consolidated Return had been filed includ-

refund check, bind you to anything (including any addi-

ing the same corporations as included in the City com-

tional tax liability), or otherwise represent you before the

bined return.

Department. The authorization cannot be revoked, how-

Instructions For Claims Based On Credit(S) Form Nyc-8 - 2001 Page 2

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