Instructions For Form 1139 - Corporation Application For Tentative Refund printable pdf download

Department of the Treasury

Instructions for Form 1139

Internal Revenue Service

(Rev. January 2008)

(Use with the August 2006 revision of Form 1139.)

Corporation Application for Tentative Refund

The corporation must file its

before August 3, 2007), attached to

Section references are to the Internal

Revenue Code unless otherwise noted.

income tax return for the tax

the corporation’s tax return.

•

year no later than the date it

All other forms and schedules from

CAUTION

General Instructions

files Form 1139.

which a carryback results (for

example, Schedule D (Form 1120),

Purpose of Form

If the corporation filed Form 1138,

Form 3800, etc.).

Extension of Time for Payment of

A corporation (other than an S

Taxes by a Corporation Expecting a

Also attach to Form 1139:

corporation) files Form 1139 to apply

•

Net Operating Loss Carryback, it can

All carryback year forms and

for a quick refund of taxes from:

•

get an additional extension of time to

schedules for which items were

The carryback of an NOL,

•

pay. To do so, file Form 1139 by the

refigured.

The carryback of a net capital loss,

•

last day of the month that includes

Form 8302, Electronic Deposit of

The carryback of an unused

the due date (including extensions)

Tax Refund of $1 Million or More.

general business credit, or

•

for filing the return for the tax year

Electronic deposits can be made only

An overpayment of tax due to a

from which the NOL carryback arose.

for a carryback year for which the

claim of right adjustment under

refund is at least $1 million. Attach a

section 1341(b)(1).

Qualified new members of a

separate form for each such

consolidated group. The general

Waiving the NOL Carryback

carryback year.

rule above applies to the time for

•

Any statement required to make a

Period

filing of Form 1139 by a consolidated

valid election (for example, elections

group. However, for this purpose, a

A corporation can elect to carry an

under sections 172(b)(1)(I) or

separate return year of a qualified

NOL forward instead of first carrying it

1400N(j)(5)).

new member (see below) that ends

back. Make this election by attaching

on the date of joining the new group

a statement to a timely filed tax return

Processing the Application

is treated as ending on the same date

(including extensions) for the tax year

as the end of the tax year of the

The IRS will process this application

of the NOL indicating that the

consolidated group that includes the

within 90 days of the later of:

corporation is electing to relinquish

•

date of the end of the separate return

The date the corporation files the

the entire carryback period under

year. If this special treatment applies,

complete application, or

section 172(b)(3) for any NOLs

•

see the instructions for line 5 on page

incurred in that tax year.

The last day of the month that

4. A new member of a consolidated

includes the due date (including

If the corporation timely filed its

group is a qualified new member if

extensions) for filing the corporation’s

return for the loss year without

immediately prior to becoming a new

income tax return for the year in

making the election, it can make the

member either:

which the loss or credit arose (or, for

•

election on an amended return filed

It was the common parent of a

a claim of right adjustment, the date

within 6 months of the due date of the

consolidated group, or

of the overpayment under section

•

loss year return (excluding

It was not required to join in the

1341(b)(1)).

extensions). Attach the election to the

filing of a consolidated return.

amended return and write “Filed

The payment of the requested

pursuant to section 301.9100-2” on

Where To File

refund does not mean the IRS has

the election statement. File the

accepted the application as correct. If

File Form 1139 with the Internal

amended return at the same address

the IRS later determines the claimed

Revenue Service Center where the

the original return was filed. Once

deductions or credits are due to an

corporation files its income tax return.

made, the election is irrevocable.

overstatement of the value of

property, negligence, disregard of

Do not file Form 1139 with the

When To File

rules, or substantial understatement

corporation’s income tax

of income tax, the corporation may be

Generally, the corporation must file

return.

CAUTION

assessed penalties. Interest is also

Form 1139 within 12 months of the

charged on any amounts erroneously

end of the tax year in which an NOL,

What To Attach

refunded, credited, or applied.

net capital loss, unused credit, or

Attach to Form 1139 copies of the

claim of right adjustment arose.

following, if applicable, for the year of

The IRS may need to contact the

For an NOL that is a loss of an

the loss or credit.

corporation or its authorized

•

electric utility company arising in tax

The first two pages of the

representative for more information.

years ending in 2003, 2004, or 2005,

corporation’s income tax return.

To designate an attorney or

•

the corporation is allowed an

Any Forms 8271, Investor

representative, attach Form 2848,

additional 24 months to file Form

Reporting of Tax Shelter Registration

Power of Attorney and Declaration of

1139.

Number (due or required to be filed

Representative, to Form 1139.

Cat. No. 20631X

Instructions For Form 1139 - Corporation Application For Tentative Refund

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