Instructions For Form 1139 - Corporation Application For Tentative Refund
ADVERTISEMENT
1
2
3
4
5Instructions for Form 1139
Department of the Treasury
Internal Revenue Service
(Rev. November 2014)
Corporation Application for Tentative Refund
Corporations filing a consolidated
Do not file Form 1139 with
Section references are to the Internal
Revenue Code unless otherwise noted.
return that elect to waive the entire
the corporation's income tax
!
carryback period for the group must
return.
Future Developments
CAUTION
also attach the statement required by
What To Attach
For the latest information and
Regulations section 1.1502-21(b)(3)
developments related to Form 1139
or the election will not be valid.
Attach to Form 1139 copies of the
and its instructions, such as
following, if applicable, for the year of
When To File
legislation enacted after this form and
the loss or credit.
Generally, the corporation must file
its instructions were published go to
The first two pages of the
Form 1139 within 12 months of the
corporation's income tax return.
end of the tax year in which an NOL,
All other forms and schedules from
General Instructions
net capital loss, unused credit, or
which a carryback results (for
claim of right adjustment arose.
example, Schedule D (Form 1120),
Purpose of Form
Capital Gains and Losses, Form
The corporation must file its
A corporation (other than an S
3800, General Business Credit, etc.).
income tax return for the tax
!
corporation) files Form 1139 to apply
year no later than the date it
All Forms 8886, Reportable
for a quick refund of taxes from:
CAUTION
Transaction Disclosure Statement,
files Form 1139.
The carryback of an NOL (or a loss
attached to the corporation's tax
from operations of a life insurance
Form 1138. If the corporation filed
return.
company),
Form 1138, Extension of Time for
Any applicable election statement.
The carryback of a net capital loss,
Payment of Taxes by a Corporation
See Definitions and Special Rules
The carryback of an unused
Expecting a Net Operating Loss
below.
general business credit, or
Carryback, it can get an additional
All carryback year forms and
An overpayment of tax due to a
extension of time to pay. To do so, file
schedules for which items were
claim of right adjustment under
Form 1139 by the last day of the
refigured.
section 1341(b)(1).
month that includes the due date
Form 8302, Electronic Deposit of
(including extensions) for filing the
Waiving the NOL carryback period.
Tax Refund of $1 Million or More.
return for the tax year from which the
If the corporation has an NOL, it
Electronic deposits can be made only
NOL carryback arose.
generally can elect to waive the entire
for a carryback year for which the
carryback period for the NOL and
refund is at least $1 million. Attach a
Qualified new members of a con
instead carry the NOL forward to
separate form for each such
solidated group. The general rule
future tax years.
carryback year.
above applies to the time for filing of
Form 1139 by a consolidated group.
Certain corporations can make the
Processing the Application
election for the loss year by (1)
However, for this purpose, a separate
The IRS will process this application
return year of a qualified new member
checking the box on Form 1120,
within 90 days of the later of:
Schedule K, line 11 (or the
(see below) that ends on the date of
The date the corporation files the
joining the new group is treated as
comparable line of the corporation's
complete application, or
income tax return), and (2) filing the
ending on the same date as the end of
The last day of the month that
the tax year of the consolidated group
corporation's return by its due date,
includes the due date (including
including extensions. In this case, do
that includes the date of the end of the
extensions) for filing the corporation's
separate return year. If this special
not attach the statement described in
income tax return for the year in which
Temporary Regulations section
treatment applies, see the instructions
the loss or credit arose (or, for a claim
for line 5 below. A new member of a
301.9100-12T. Once made, the
of right adjustment, the date of the
election is irrevocable. See the
consolidated group is a qualified new
overpayment under section 1341(b)
member if immediately prior to
instructions for the corporation's
(1)).
income tax return.
becoming a new member either:
It was the common parent of a
If the corporation timely filed its
The payment of the requested
consolidated group, or
return for the loss year without making
refund does not mean the IRS has
It was not required to join in the
the election, it can make the election
accepted the application as correct. If
filing of a consolidated return.
on an amended return filed within 6
the IRS later determines the claimed
months of the due date of the loss
Where To File
deductions or credits are due to an
year return (excluding extensions).
overstatement of the value of
File Form 1139 with the Internal
Attach the election to the amended
property, negligence, disregard of
Revenue Service Center where the
return and write “Filed pursuant to
rules, or substantial understatement of
corporation files its income tax return.
section 301.9100-2” on the election
income tax, the corporation may be
statement.
assessed penalties. Interest is also
Jul 11, 2014
Cat. No. 20631X
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial