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specified liability losses. Also, if the

meets the gross receipts test of

Line 14—NOL Deduction

corporation timely filed its return for

section 448(c) for the tax year in

A corporation generally must carry

the loss year without making the

which the NOL arose. An eligible loss

back the entire NOL to the 2nd tax

election, the corporation may make

does not include any farming loss or

year before the loss year. Any NOL

the election by filing an amended

specified liability loss described

not used in the 2nd preceding year is

return within six months of the due

above.

carried back to the 1st preceding

date of the loss year return (excluding

Excess interest loss. If the

year. Reduce the amount of the NOL

extensions). Attach the election to the

corporation has a corporate equity

carried to the 1st preceding year by

amended return and write “Filed

reduction transaction, a different

the amount of the NOL deduction

pursuant to section 301.9100-2” on

carryback period may apply. See

used in the 2nd preceding year. See

the election statement. File the

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

section 172(b)(2) for details. Any NOL

amended return at the same address

not used in the two preceding years

Line 16—Income Tax

the original return was filed. Once

is carried forward to each of the 20

made, the election is irrevocable.

In columns (b), (d), and (f), enter the

years following the loss year. Attach

refigured income tax after taking into

Farming loss. Any portion of an

a statement showing all adjustments

account the carryback(s). See the

NOL that is a farming loss is first

required to figure an NOL that may

instructions for the corporate income

carried back to the 5th tax year before

be carried back to any tax year.

the year of the loss. A farming loss

tax return for the applicable year for

Exceptions

is the smaller of:

details on how to figure the tax.

Attach a computation of the refigured

Specified liability loss. Any portion

The amount that would be the NOL

tax. Take into account section 1561

of an NOL that is a specified liability

for the tax year if only income and

when refiguring the income tax.

loss is first carried back to the 10th

deductions attributable to farming

tax year before the year of the loss.

businesses were taken into account

Line 17—Alternative Minimum

A specified liability loss is a loss

Tax

arising from:

The NOL for the tax year (reduced

For columns (b), (d), and (f), refigure

Product liability or

by any specified liability loss).

the alternative minimum tax.

An act (or failure to act) that

However, a corporation may elect

Complete and attach Form 4626 for

occurred at least 3 years before the

to treat a farming loss as if it were not

the appropriate year.

beginning of the loss year and that

a farming loss. If the corporation

resulted in a liability under a Federal

makes this election, the loss

Line 19—General Business

or state law requiring:

carryback period will be 2 or 3 years

Credit

(see below). Make this election by

1. Reclamation of land,

In columns (b), (d), and (f), enter the

attaching a statement to a timely filed

2. Decommissioning of a nuclear

total of the corrected general

return (including extensions) for the

power plant (or any unit thereof),

business credits. Attach all Forms

tax year of the NOL indicating that the

3800 and 8844 used to redetermine

3. Dismantling of a drilling

corporation is electing to treat any

the general business credit.

platform,

farming losses under section 172(i)

4. Remediation of environmental

for that tax year as if they were not

Line 24—Recapture Tax and

contamination, or

farming losses. Also, if the

Environmental Tax

5. Payment under any workers

corporation timely filed its return for

For columns (b), (d), and (f), refigure

compensation act.

the loss year without making the

any environmental tax (attach Form

election, the corporation may still

Any loss from a liability arising from

4626 for the appropriate year) and

make the election by filing an

1 through 5 above may be taken into

include any recapture taxes.

amended return within six months of

account as a specified liability loss

the due date of the loss year return

only if the corporation used an

Line 26—Recomputed Tax

(excluding extensions). Attach the

accrual method of accounting

Liability

election to the amended return and

throughout the period in which the act

In columns (a), (c), and (e), enter the

write “Filed pursuant to section

(or failure to act) occurred. For

amount from line 25, columns (b), (d),

301.9100-2” on the election

details, see section 172(f).

and (f), respectively.

statement. File the amended return

However, a corporation may elect

at the same address the original

Line 28—Overpayment of Tax

to treat a specified liability loss as if

return was filed. Once made, the

it were not a specified liability loss. If

Due to a Claim of Right

election is irrevocable.

the corporation makes this election,

Adjustment Under Section

Eligible loss. Any portion of an NOL

the loss carryback period will be 2, 3,

1341(b)(1)

attributable to an eligible loss is first

or 5 years (see below). Make this

For a tentative refund based on an

carried back to the 3rd tax year

election by attaching a statement to

overpayment of tax under section

before the year of the loss. An

a timely filed return (including

1341(b)(1), enter the overpayment on

eligible loss is an NOL attributable

extensions) for the tax year of the

line 28 and attach a computation

to a Presidentially declared disaster

NOL indicating that the corporation is

showing the information required by

if the corporation was engaged in the

electing to treat any specified liability

Temporary Regulations section

trade or business of farming or the

losses under section 172(b)(1)(C) for

5.6411-1(d).

corporation is a small business that

that tax year as if they were not

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Instructions For Form 1139 - Corporation Application For Tentative Refund - Internal Revenue Service - 2000 Page 3

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