Instructions For Form 1139 - Corporation Application For Tentative Refund (Page 3 of 5) in pdf

write “Filed pursuant to section

expenditures in electric transmission

taken into account in computing the

301.9100-2” on the election

property or certified pollution control

NOL for the tax year).

statement. File the amended return at

facilities can elect to use a 5-year

a. Qualified GO Zone casualty

the same address used for the

carryback period for NOLs that arise

losses (as defined in section

original return. Once made, the

in tax years ending in 2003, 2004, or

1400N(k)(3)).

election is irrevocable for that tax

2005. A corporation qualifies as an

b. Moving expenses paid or

year.

electric utility company if:

incurred after August 27, 2005, and

•

With regard to electric transmission

before January 1, 2008, for the

If the corporation elects to

property, the corporation uses the

employment of an individual whose

treat a qualifying public utility

property to transmit at 69 or more

main home was in the GO Zone

casualty loss as a GO Zone

CAUTION

kilovolts electricity for sale, or

before August 28, 2005, who was

•

public utility casualty loss, it cannot

With regard to certified pollution

unable to remain in that home

also take the loss into account in

control facilities, the corporation is an

because of Hurricane Katrina, and

determining the portion of the

electric utility company within the

whose main job with the corporation

corporation’s NOL that qualifies for

meaning of section 2(3) of the Public

(after the move) is in the GO Zone;

the 5-year carryback period as a

Utility Holding Company Act as in

c. Temporary housing expenses

qualified GO Zone loss (discussed

effect just prior to its repeal.

paid or incurred after August 27,

later under Qualified Gulf Opportunity

2005, and before January 1, 2008, to

For any election year, the

Zone (GO Zone) Loss). The

house employees of the corporation

corporation can make an election for

corporation also cannot elect to

whose main job location is in the GO

one or more of the eligible loss years

deduct the loss as a disaster loss

Zone;

for which the corporation has not

occurring in a prior tax year under

d. Depreciation or amortization

made a previous election. The

section 165(i).

allowable for any qualified GO Zone

corporation can make only one

property (as defined in section

Farming Loss

election for a loss year (for example,

1400N(d)(2)) for the year placed in

only one election for an NOL incurred

A farming loss is the smaller of:

service (even if an election was made

in 2005). For any election year, the

1. The amount that would be the

not to claim a special depreciation

maximum amount of loss year NOLs

NOL for the tax year if only income

allowance for such property); and

that can qualify for the 5-year

and deductions attributable to farming

e. Repair expenses (including

carryback period under this special

businesses (as defined in section

expenses for the removal of debris)

election is limited to 20 percent of the

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

paid or incurred after August 27,

corporation’s qualifying investment

2005, and before January 1, 2008, for

made in the tax year prior to the

2. The NOL for the tax year.

any damage from Hurricane Katrina

election year. For this purpose, a

to property located in the GO Zone.

To the extent the NOL is a farming

qualifying investment is the sum of

loss, the carryback period is 5 years.

the corporation’s electric transmission

The portion of an NOL that is a

property capital expenditures and

However, the corporation can

qualified GO Zone loss can be carried

certified pollution control facility

make an irrevocable election to figure

back 5 years.

capital expenditures. The election

the carryback period for a farming

years generally include any tax year

A corporation can make an

loss without regard to the special

ending after 2005 and before 2009.

irrevocable election to figure the

5-year carryback rule. To make this

However, if more than one tax year

carryback period for a qualified GO

election, attach to the corporation’s

begins in the same calendar year, the

Zone loss without regard to the

timely filed tax return for the loss year

corporation can treat only one of

special 5-year carryback rule. To

a statement that the corporation is

those tax years as an election year.

make the election, attach to the

electing to have the carryback period

corporation’s timely filed tax return for

To make this election, include the

for the NOL under section

the loss year a statement that the

172(b)(1)(G) determined without

loss on line 1a. Attach a statement

corporation is electing to have the

regard to the special 5-year carryback

that specifies the election year, the

carryback period for the NOL under

rule. If the corporation timely filed its

loss year(s) to which the election

section 1400N(k)(1)(A)(i) determined

tax return without making the

applies, and the amount of qualifying

without regard to the special 5-year

election, it can make the election on

investment in the tax year prior to the

carryback rule. If the corporation

an amended return filed within 6

election year. If the election applies to

timely filed its tax return without

more than one loss year, include a

months of the due date of the return

making the election, it can make the

(excluding extensions). Attach the

schedule on the statement allocating

election on an amended return filed

election to the amended return and

the 20-percent investment limitation

within 6 months of the due date of the

write “Filed pursuant to section

among the losses. For more

return (excluding extensions). Attach

301.9100-2” on the election

information and special rules, see

the election to the amended return

statement. File the amended return at

section 172(b)(1)(I).

and write “Filed pursuant to section

the same address used for the

Qualified Gulf Opportunity Zone

301.9100-2” on the election

original return.

statement. File the amended return at

(GO Zone) Loss

Certain Losses of Electric

the same address used for the

A qualified GO Zone loss is the

original return.

Utility Companies Arising in

smaller of:

Tax Years Ending in 2003, 2004,

1. The NOL for the tax year

If a qualified GO Zone

or 2005

reduced by any specified liability loss,

casualty loss (listed in a,

For tax years ending after 2005 and

above) is taken into account in

CAUTION

before 2009, an electric utility

2. The total of the following

computing an NOL that is treated as

company that makes capital

deductions (to the extent they are

a qualified GO Zone loss, such

-3-

Instructions For Form 1139 - Corporation Application For Tentative Refund Page 3

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