Instructions For Form 1045 - Application For Tentative Refund

2017

Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

General Instructions

Once made, the election is irrevocable

gambling, the racing of animals, or the

for the tax year.

on-site viewing of such racing, and the

portion of any real property (determined

Future developments. For the latest

Definitions

by square footage) that is dedicated to

information about developments related

gambling, the racing of animals, or the

to Form 1045 and its instructions, such

Eligible loss. For an individual, an

on-site viewing of such racing, unless

as legislation enacted after they were

eligible loss is any loss of property

this portion is less than 100 square feet.

published, go to IRS.gov/Form1045.

arising from fire, storm, shipwreck, other

Qualified GO Zone loss. A qualified

casualty, or theft.

What’s New Disaster tax relief was

GO Zone loss is the smaller of:

enacted for those impacted by

For a small business (as defined in

Hurricane Harvey, Irma, or Maria,

1. The excess of the NOL for the

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

including provisions that modified the

year over the specified liability loss for

business (as defined in section 263A(e)

limit on the deduction for charitable

the year to which a 10-year carryback

(4)), an eligible loss is any loss

contributions and the calculation of

applies, or

attributable to a federally declared

casualty and theft losses. See

disaster (as defined in section 165(i)

2. The total of any special GO Zone

Publication 976, Disaster Relief, for

(5)).

depreciation or amortization allowable

more information.

for specified GO Zone extension

An eligible loss doesn't include a

property for the tax year such property is

farming loss.

Purpose of Form

placed in service (even if you elected

Farming loss. A farming loss is the

Form 1045 is used by an individual,

not to claim the special GO Zone

smaller of:

estate, or trust to apply for a quick tax

depreciation allowance for such

The amount that would be the NOL

refund resulting from:

property).

for the tax year if only income and

The carryback of a Net Operating

deductions attributable to farming

Specified liability loss. Generally, a

Loss (NOL),

businesses (as defined in section

specified liability loss is a loss arising

The carryback of an unused general

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

from:

business credit,

The NOL for the tax year.

Product liability, or

The carryback of a net section 1256

An act (or failure to act) that occurred

contracts loss, or

Qualified disaster loss. A qualified

at least 3 years before the beginning of

An overpayment of tax due to a claim

disaster loss is the smaller of:

the loss year and resulted in a liability

of right adjustment under section

1. The sum of:

under a federal or state law requiring:

1341(b)(1).

a. Any losses occurring in a disaster

1. Reclamation of land,

When carrying back an NOL to

area (as defined in section 165(i)(5))

an earlier tax year, an

2. Dismantling of a drilling platform,

and attributable to a federally declared

alternative minimum tax (AMT)

disaster occurring before January 1,

3. Remediation of environmental

CAUTION

liability may be created for that earlier

2010, plus

contamination,

year. This may be true even if there was

b. Any qualified disaster expenses

4. Payment under any workers

no AMT liability when the tax return for

that were allowable under section 198A

compensation act, or

that earlier year was filed.

(even if you didn't elect to treat such

5. Decommissioning of a nuclear

expenses as qualified disaster

power plant (or any unit thereof).

Waiving the carryback period. You

expenses), or

can elect to carry an NOL forward only,

Any loss from a liability arising from

2. The NOL for the tax year.

instead of first carrying it back. To make

(1) through (5) above can be taken into

this election for an NOL incurred in your

Excluded losses. A qualified

account as a specified liability loss only

2017 tax year, attach to your 2017 tax

disaster loss doesn't include any losses

if you used an accrual method of

return filed on or before the due date

from property used in connection with

accounting throughout the period in

(including extensions) a statement that

any private or commercial golf course,

which the act (or failure to act) occurred.

you are electing under section 172(b)(3)

country club, massage parlor, hot tub

For details, see section 172(f).

to relinquish the entire carryback period

facility, suntan facility, or any store for

for any 2017 NOL. If you filed your

When To File

which the principal business is the sale

return on time without making the

of alcoholic beverages for consumption

You must file Form 1045 within 1 year

election, you can still make the election

off premises.

after the end of the year in which an

on an amended return filed within 6

A qualified disaster loss also doesn't

NOL, unused credit, net section 1256

months of the due date of the return

include any losses from any gambling or

contracts loss, or claim of right

(excluding extensions). Attach the

animal racing property. Gambling or

adjustment arose.

election to the amended return, and

animal racing property is any

write “Filed pursuant to section

equipment, furniture, software, or other

301.9100-2” on the election statement.

property used directly in connection with

Dec 06, 2017

Cat. No. 13666W

Instructions For Form 1045 - Application For Tentative Refund - 2017

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