Form 1138 - Extension Of Time For Payment Of Taxes By A Corporation Expecting A Net Operating Loss Carryback - 2011 Page 2
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Form 1138 (Rev. 12-2011)
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. The IRS has created a page on IRS.gov for
Government contracts that have been canceled,
information about Form 1138 and its instructions at
2. Profit and loss statements, and
Information about any future developments
3. Other factors peculiar to the corporation’s operations.
affecting Form 1138 (such as legislation enacted after we release it)
will be posted on that page.
See section 172 and Pub. 542, Corporations, to help determine
the amount of the expected NOL. Limitations apply to (a) the
Purpose of form. A corporation that expects a net operating loss
amount of taxable income of a new loss corporation for any tax year
(NOL) in the current tax year can file Form 1138 to extend the time
ending after an ownership change that may be offset by any pre-
for payment of tax for the immediately preceding tax year. This
change NOLs and (b) the use of preacquisition losses of one
includes extending the time for payment of a tax deficiency. The
corporation to offset recognized built-in gains of another
payment of tax that can be postponed cannot exceed the expected
corporation. For more information, see sections 382 and 384 and
overpayment from the carryback of the NOL.
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.
1. The amount shown on the return, plus any amounts assessed
If the corporation previously filed Form 1138 and later finds
as deficiencies before Form 1138 is filed, minus
information that will change the amount of the expected NOL, the
2. Any abatements, credits, or refunds allowed or made before
corporation can file a revised Form 1138. If the amount of the NOL
Form 1138 is filed.
is increased based on the new information, the corporation can
postpone the payment of a larger amount of tax as long as the
See section 1314(a).
larger amount has not yet been paid or is not yet required to be
Attach a schedule showing how the reduction was figured. See
paid. If the amount of the NOL is reduced because of the new
the instructions for the corporate income tax return for information
information, the corporation must pay the tax to the extent that the
on figuring the NOL deduction and recomputing the tax.
amount of tax postponed on the original filing exceeds the amount
Line 6a. For the year shown on line 4, enter on line 6a the total of:
of tax postponed on the revised filing.
1. The total tax shown on the return, plus
When and where to file. File Form 1138 after the start of the tax
year of the expected NOL but before the tax of the preceding tax
2. Any amount assessed as a deficiency (or as interest or a
year is required to be paid. Generally, file Form 1138 with the
penalty) prior to the filing of this Form 1138.
Internal Revenue Service Center where the corporation files its
Line 6b. Enter the total of the following:
income tax return.
1. The amount of tax paid or required to be paid before the date
A corporation can file Form 1138 separately or with Form 7004,
this form is filed. This includes any amount assessed as a deficiency
Application for Automatic Extension of Time To File Certain
or as interest or a penalty if this form is filed more than 21 calendar
Business Income Tax, Information, and Other Returns. If Form 1138
days after notice and demand for payment was made (more than 10
and Form 7004 are filed together, Form 1138 will reduce or
business days if the amount for which the notice and demand for
eliminate the amount of tax to be deposited when Form 7004 is
payment was made equals or exceeds $100,000). An amount of tax
filed. If Form 1138 is filed with Form 7004, then file Form 1138 with
for which the corporation has received an extension of time to pay
the Internal Revenue Service Center at the applicable address
(under section 6161) is not considered required to be paid before
where the corporation files Form 7004.
the end of the extension, plus
Period of extension. In general, the extension for paying the tax
2. The amount of refunds, credits, and abatements made before
expires at the end of the month in which the return for the tax year
the date this form is filed.
of the expected NOL is required to be filed (including extensions).
The corporation can further extend the time for payment by filing
Paperwork Reduction Act Notice. We ask for the information on
Form 1139, Corporation Application for Tentative Refund, before the
this form to carry out the Internal Revenue laws of the United
period of extension ends. See the instructions for Form 1139. The
States. You are required to give us the information. We need it to
period will be further extended until the date the IRS informs the
ensure that you are complying with these laws and to allow us to
corporation that it has allowed or disallowed the application in
figure and collect the right amount of tax.
whole or in part.
You are not required to provide the information requested on a
Termination of extension. The IRS can terminate the extension
form that is subject to the Paperwork Reduction Act unless the
if it believes that any part of the form contains erroneous or
form displays a valid OMB control number. Books or records
unreasonable information. The IRS can also terminate the
relating to a form or its instructions must be retained as long as
extension if it believes it may not be able to collect the tax.
their contents may become material in the administration of any
Interest. Interest is charged on postponed amounts from the dates
Internal Revenue law. Generally, tax returns and return information
that the payments would normally be due. The interest is figured at
are confidential, as required by section 6103.
the underpayment rate specified in section 6621.
The time needed to complete and file this form will vary
Specific Instructions
depending on individual circumstances. The estimated average time
is:
Address. Include the suite, room, or other unit number after the
Recordkeeping .
.
.
.
.
.
.
.
.
.
.
. 3 hr., 21 min.
street address. If the post office does not deliver mail to the street
Learning about the law or the form
.
.
.
.
.
.
42 min.
address and the corporation has a P.O. box, show the box number
instead.
Preparing and sending the form to the IRS .
.
.
.
47 min.
If the corporation receives its mail in care of a third party (such as
If you have comments concerning the accuracy of these time
an accountant or attorney), enter on the street address line “C/O”
estimates or suggestions for making this form simpler, we would be
followed by the third party’s name and street address or P.O. box.
happy to hear from you. You can write to the Internal Revenue
Service, Tax Products Coordinating Committee,
If your address is outside the United States or its possessions or
SE:W:CAR:MP:T:M:S, 1111 Constitution Ave. NW, IR-6526,
territories, fill in the line for “City or town, state, and ZIP code” in the
Washington, DC 20224. Do not send Form 1138 to this office.
following order: city, province or state, and country. Follow the
Instead, see When and where to file, above.
foreign country’s practice for entering the postal code, if any. Do
not abbreviate the country name.
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