Form It 552 - Corporation Application For Tentative Carry-Back Adjustment Page 2
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in the return or were reflected in amounts assessed (or
A. Who May File an Application. - An application for a tenta-
collected without assessment) as deficiencies or in amount
tive carry-back adjustment may be filed on this form by any
which were abated, credited, refunded, or otherwise
corporation which desires a quick refund of t axes af forded
repaid, prior to the date of filing this application.
by carry-back of a net operating loss or a net capital loss.
In
B. Place for Filing. - This form must be filed with
general, the tax previously determined will be the tax
Georgia Department of Revenue
shown on the return as filed with the possible
Processing Center
exceptions.
P.O. 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
(404) 417-2409.
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-
C. Recomputation of Tax Liability. - To arrive at the
lation 560-7-3-.06. The provisions of IRC Sections 108,
decrease in tax previously determined, recompute
381, 382 and 384 generally also apply for Georgia purposes,
such tax after taking the carry-back into account. For carry-
see Regulation 560-7-3-.06 for more information.
back deduction, see item D.
D (2). Capital Loss Carry-Back Deduction. - A net capital
Generally, a net operating loss (NOL) must be carried back
loss carry-back is available under the general rules and
and forward in the procedural sequence of taxable periods
regulations of Section 1212 of the Internal Revenue Code
provided by Section 172 of the Internal Revenue Code of
of 1986 in the event the carry-back deduction adjusts the
1986, as it existed on January 1, 201 . Generally, the
Georgia taxable income (carried-back to 100% of net capital
carry-back period is 2 years (with special rules for farmers,
gain).
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-
quish the entire carry-back period and carry a loss forward
F. Assessment of Erroneous Allowance. - If the Com-
only is a binding election with Georgia.
missioner should determine that the amount credited or
refunded by an application is in excess of the amount prop-
The quick refund is limited to the tax decrease which results
erly attributable to the carry-back with respect to which
from the net loss carry-back deductions. Items must be
was credited or refunded, the Commissioner may
taken into account only to the extent that
they were
assess the amount of the excess as a deficiency as if it
reported
were due to a mathematical error appearing on the
face of the return.
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