Form 1138 - Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Loss Carryback Page 2
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Form 1138 (Rev. 9-2016)
Page
General Instructions
Line 2. The amount of the expected NOL must be based on all of
the facts relating to the operation of the corporation. Consider the
Section references are to the Internal Revenue Code unless
following items when estimating the amount of the expected NOL.
otherwise noted.
1. The number and dollar amounts of the corporation’s
Future developments. For the latest information about
Government contracts that have been canceled,
developments related to Form 1138 and its instructions, such as
2. Profit and loss statements, and
legislation enacted after they were published, go to
3. Other factors peculiar to the corporation’s operations.
See section 172 to help determine the amount of the expected
Purpose of form. A corporation that expects a net operating loss
NOL. Limitations apply to (a) the amount of taxable income of a new
(NOL) in the current tax year can file Form 1138 to extend the time
loss corporation for any tax year ending after an ownership change
for payment of tax for the immediately preceding tax year. This
that may be offset by any pre-change NOLs and (b) the use of
includes extending the time for payment of a tax deficiency. The
preacquisition losses of one corporation to offset recognized built-in
payment of tax that can be postponed cannot exceed the expected
gains of another corporation. For more information, see sections
overpayment from the carryback of the NOL.
382 and 384 and the related regulations.
Only payments of tax that are required to be paid after the filing of
Line 3. Enter the reduction of previously determined tax
Form 1138 are eligible for extension. Do not file this form if all the
attributable to the carryback, for tax years before the tax year of
required payments have been paid or were required to have been
the NOL. Previously determined tax is generally:
paid.
If the corporation previously filed Form 1138 and later finds
1. The amount shown on the return, plus any amounts assessed
information that will change the amount of the expected NOL, the
as deficiencies before Form 1138 is filed, minus
corporation can file a revised Form 1138. If the amount of the NOL
2. Any abatements, credits, or refunds allowed or made before
is increased based on the new information, the corporation can
Form 1138 is filed.
postpone the payment of a larger amount of tax as long as the
larger amount has not yet been paid or is not yet required to be
See section 1314(a).
paid. If the amount of the NOL is reduced because of the new
Attach a schedule showing how the reduction was figured. See
information, the corporation must pay the tax to the extent that the
the instructions for the corporate income tax return for information
amount of tax postponed on the original filing exceeds the amount
on figuring the NOL deduction and recomputing the tax.
of tax postponed on the revised filing.
Line 6a. For the year shown on line 4, enter on line 6a the total of:
When and where to file. File Form 1138 after the start of the tax
1. The total tax shown on the return, plus
year of the expected NOL but before the tax of the preceding tax
year is required to be paid. Generally, file Form 1138 with the
2. Any amount assessed as a deficiency (or as interest or a
Internal Revenue Service Center where the corporation files its
penalty) prior to the filing of this Form 1138.
income tax return.
Line 6b. Enter the total of the following.
A corporation can file Form 1138 separately or with Form 7004,
1. The amount of tax paid or required to be paid before the date
Application for Automatic Extension of Time To File Certain
this form is filed. This includes any amount assessed as a deficiency
Business Income Tax, Information, and Other Returns. If Form 1138
or as interest or a penalty if this form is filed more than 21 calendar
and Form 7004 are filed together, Form 1138 will reduce or
days after notice and demand for payment was made (more than 10
eliminate the amount of tax to be deposited when Form 7004 is
business days if the amount for which the notice and demand for
filed. If Form 1138 is filed with Form 7004, then file Form 1138 with
payment was made equals or exceeds $100,000). An amount of tax
the Internal Revenue Service Center at the applicable address
for which the corporation has received an extension of time to pay
where the corporation files Form 7004.
(under section 6161) is not considered required to be paid before
Period of extension. In general, the extension for paying the tax
the end of the extension, plus
expires at the end of the month in which the return for the tax year
2. The amount of refunds, credits, and abatements made before
of the expected NOL is required to be filed (including extensions).
the date this form is filed.
The corporation can further extend the time for payment by filing
Form 1139, Corporation Application for Tentative Refund, before the
Paperwork Reduction Act Notice. We ask for the information on
period of extension ends. See the instructions for Form 1139. The
this form to carry out the Internal Revenue laws of the United
period will be further extended until the date the IRS informs the
States. You are required to give us the information. We need it to
corporation that it has allowed or disallowed the application in
ensure that you are complying with these laws and to allow us to
whole or in part.
figure and collect the right amount of tax.
Termination of extension. The IRS can terminate the extension
You are not required to provide the information requested on a
if it believes that any part of the form contains erroneous or
form that is subject to the Paperwork Reduction Act unless the
unreasonable information. The IRS can also terminate the
form displays a valid OMB control number. Books or records
extension if it believes it may not be able to collect the tax.
relating to a form or its instructions must be retained as long as
Interest. Interest is charged on postponed amounts from the dates
their contents may become material in the administration of any
that the payments would normally be due. The interest is figured at
Internal Revenue law. Generally, tax returns and return information
the underpayment rate specified in section 6621.
are confidential, as required by section 6103.
Specific Instructions
The time needed to complete and file this form will vary
depending on individual circumstances. The estimated burden for
business taxpayers filing this form is approved under OMB control
Address. Include the suite, room, or other unit number after the
number 1545-0123 and is included in the estimates shown in the
street address. If the post office does not deliver mail to the street
instructions for their business income tax return.
address and the corporation has a P.O. box, show the box number
instead.
If you have comments concerning the accuracy of these time
estimates or suggestions for making this form simpler, we would be
If the corporation receives its mail in care of a third party, such as
happy to hear from you. You can send us comments from
an accountant or attorney, enter on the street address line “C/O”
Click on “More Information” and then click
followed by the third party’s name and street address or P.O. box.
on “Give us feedback.” Or you can send your comments to: Internal
If the corporation's address is outside the United States or its
Revenue Service, Tax Forms and Publications Division, 1111
possessions or territories, fill in the line for “City or town, state, and
Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not
ZIP code” in the following order: city, province or state, and
send Form 1138 to this office. Instead, see When and where to file,
country. Follow the foreign country’s practice for entering the postal
earlier.
code, if any. Do not abbreviate the country name.
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