Form It 552 - Corporation Application For Tentative Carry-Back Adjustment Under Section 48-7-21 Of The Georgia Public Revenue Code Page 2
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A. Who May File an Application. - An application for a tenta-
assessed (or collected without assessment) as deficiencies
or in amount which were abated, credited, refunded, or
tive carry-back adjustment may be filed on this form by any
otherwise repaid, prior to the date of filing this application.
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by carry-back of a net operating loss or a net capital loss.
In general, the tax previously determined will be the tax
B. Place for Filing. - This form must be filed with
shown on the return as filed with the possible
Georgia Department of Revenue
exceptions.
Processing Center
PO Box 740397
D (1). Computation of Net Operating Loss Carry-Back
Atlanta, Georgia 30374-0397
Deduction. -The net operating loss to be carried back is the
1-877-423-6711.
Georgia taxable income (loss) modified by any adjustments
required by the Internal Revenue Code of 1986. If adjust-
USE OF THIS FORM WILL FACILITATE THE PRO-
ments to the Georgia taxable income (loss) are required by
CESSING OF YOUR REFUND. FORM ATTACHED TO
Section 172, a separate schedule of explanation must be
FACE OF LOSS YEAR RETURN FURTHER REDUCES
attached.
PROCESSING TIME ON REFUNDS.
Provision for net operating loss carry-back is made in Regu-
lation 560-7-3-.06. The provisions of IRC Sections 108,
C. Recomputation of Tax Liability. - To arrive at the
decrease in tax previously determined, recompute
381, 382 and 384 generally also apply for Georgia purposes,
see Regulation 560-7-3-.06 for more information.
such tax after taking the carry-back into account. For carry-
back deduction, see item D.
D (2). Capital Loss Carry-Back Deduction. - A net capital
loss carry-back is available under the general rules and
Generally, a net operating loss (NOL) must be carried back
regulations of Section 1212 of the Internal Revenue Code
and forward in the procedural sequence of taxable periods
of 1986 in the event the carry-back deduction adjusts the
provided by Section 172 of the Internal Revenue Code of
Georgia taxable income (carried-back to 100% of net capital
1986, as it existed on January 3, 2013. Generally, the
gain).
carry-back period is 2 years (with special rules for farmers,
etc.)
However, Georgia does not follow the following
federal provisions:
E. Allowance of Adjustment. - Within a period of 90 days
from the last day of the month in which an application
• Special carry-back rules enacted in 2009.
for tentative carry-back adjustment is filed, the Commis-
• Special rules relating to Gulf Opportunity Zone public
sioner of Revenue shall make a limited examination of the
utility casualty losses, I.R.C. Section 1400N(j).
application and disallow without further action any appli-
• 5 year carry-back of NOLs attributable to Gulf Opportunity
cation containing errors of computation not correctable
Zone losses, I.R.C. Section 1400N(k).
within such 90 day period or having material omissions.
• 5 year carry-back of NOLs incurred in the Kansas disaster
A decrease of tax determined for a prior year tax will first
area after May 3, 2007, I.R.C. Section 1400N(k).
be credited against any unpaid tax and any remaining
• 5 year carry-back of certain disaster losses, I.R.C.
balance will be refunded to taxpayer without interest
Sections 172(b)(1)(J) and 172(j).
within the aforesaid 90 day period.
• The election to deduct public utility property losses attrib-
utable to May 4, 2007 Kansas storms and tornadoes in the
This application for tentative carry-back adjustment does
fifth tax year before the year of the loss, I.R.C. Section
not constitute a claim for credit or refund. If the application
1400N(o).
is disallowed in whole or in part, no suit based there on
For tax years beginning before January 1, 2005, Georgia
may be maintained in court for the recovery of the tax.
did not adopt the five year carry-back and continued to use
The corporation may, however, file a regular claim for
the two year carry-back (with special rules for farmers and
refund on an amended Form IT-600 at any time before
casualty losses) as provided under the old Federal law. An
the expiration of the applicable period of limitation.
election made with the Internal Revenue Service to relin-
F. Assessment of Erroneous Allowance. - If the Com-
quish the entire carry-back period and carry a loss forward
missioner should determine that the amount credited or
only is a binding election with Georgia.
refunded by an application is in excess of the amount prop-
erly attributable to the carry-back with respect to which
The quick refund is limited to the tax decrease which results
was credited or refunded, the Commissioner may
from the net loss carry-back deductions. Items must be
assess the amount of the excess as a deficiency as if it
taken into account only to the extent that
they were
were due to a mathematical error appearing on the
reported in the return or were
reflected in amounts
face of the return.
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