Instructions For Form 1139 - Corporation Application For Tentative Refund (Page 3 of 5) in pdf

However, the corporation can

special 5-year carryback rule. To

Eligible Loss

make an irrevocable election to figure

make this election, attach to the tax

To the extent the NOL is an eligible

the carryback period for a farming loss

return filed by the due date (including

loss, the carryback period is 3 years.

without regard to the special 5-year

extensions), a statement that the

carryback rule. To make this election,

corporation is electing to treat the

For a small business, an eligible

attach to the corporation's timely filed

qualified disaster loss without regard

loss is any loss attributable to a

tax return for the loss year a statement

to the special 5-year carryback rule. If

federally declared disaster (as defined

that the corporation is electing to have

the corporation timely filed its return

in section 165(h)(3)(C)), but only if the

the carryback period for the NOL

without making the election, it can still

business meets the gross receipts

under section 172(b)(1)(G)

make the election on an amended

test of section 448(c). An eligible loss

determined without regard to the

return filed within 6 months of the due

includes an NOL, attributable to a

special 5-year carryback rule. If the

date of the return (excluding

federally declared disaster, of a

corporation timely filed its tax return

extensions). Attach the election to the

taxpayer engaged in the trade or

without making the election, it can

amended return and write “Filed

business of farming (as defined in

make the election on an amended

pursuant to section 301.9100-2” on

section 263A(e)(4)) for the loss year.

return filed within 6 months of the due

the election statement.

date of the return (excluding

Only the eligible loss portion of the

extensions). Attach the election to the

NOL can be carried back 3 years. Any

Qualified Gulf Opportunity Zone

amended return and write “Filed

such loss not applied in the preceding

(GO Zone) Loss

pursuant to section 301.9100-2” on

3 years can be carried forward up to

A qualified GO Zone loss is the

the election statement.

20 years.

smaller of:

1. The NOL for the tax year

Qualified Disaster Loss

Excess Interest Loss

reduced by any specified liability loss

A qualified disaster loss is the smaller

If the corporation has a corporate

to which a 10-year carryback applies,

of:

equity reduction transaction, a

different carryback period may apply.

1. The sum of:

2. Any depreciation or

See section 172(b)(1)(E).

a. Any loss occurring in a disaster

amortization allowable for any

Allocation of NOLs when a loss

area and attributable to a federally

specified GO Zone extension

corporation has an ownership

declared disaster (as defined in

property, as defined in section

change. If the corporation has a loss

section 165(h)(3)(C)) occurring before

1400N(d)(6), (even if an election was

for a year and has an ownership

January 1, 2010, and

made not to claim any special

change, special rules apply for

depreciation allowance for such

b. Any qualified disaster expenses

allocating NOLs. For details, see

property).

that were allowable under section

Regulations section 1.382-6.

198A (even if the corporation did not

The portion of an NOL that is a

elect to treat such expenses as

qualified disaster expenses), or

qualified GO Zone loss can be carried

Specific Instructions

back 5 years. Any such loss not

2. The NOL for the tax year.

Address

applied in the 5 preceding years can

be carried forward up to 20 years.

Include the room, suite, or other unit

A qualified disaster loss does not

number after the street address. If the

include any loss from property used in

A corporation can make an

Post Office does not deliver mail to

connection with any private or

irrevocable election to figure the

the street address and the corporation

commercial golf course, country club,

carryback period for a qualified GO

has a P.O. box, enter the box number

massage parlor, hot tub facility,

Zone loss without regard to the

instead of the street address.

suntan facility, or any store for which

special 5-year carryback rule. To

the principal business is the sale of

If the corporation receives its mail

make the election, attach to the

alcoholic beverages for consumption

in care of a third party (such as an

corporation's timely filed tax return for

off premises. A qualified disaster loss

accountant or an attorney), enter on

the loss year a statement that the

also does not include any gambling or

the street address line “C/O” followed

corporation is electing to have the

animal racing property. See sections

by the third party's name and street

carryback period for the NOL under

172(j)(4) and 1400N(p)(3) for more

address or P.O. box.

section 1400N(k)(1)(A)(i) determined

details.

without regard to the special 5-year

Line 1a—Net Operating Loss

carryback rule. If the corporation

The portion of an NOL that is a

If the corporation is claiming a

timely filed its tax return without

qualified disaster loss can be carried

tentative refund based on the

making the election, it can make the

back 5 years. Any such loss not

carryback of any of the NOLs

election on an amended return filed

applied in the 5 preceding years can

discussed under Definitions and

within 6 months of the due date of the

be carried forward up to 20 years.

Special Rules, include the amount of

return (excluding extensions). Attach

the carryback on line 1a. Attach any

the election to the amended return

The corporation can make an

statements required. See What To

and write “Filed pursuant to section

irrevocable election to figure the

Attach earlier.

301.9100-2” on the election

carryback period for the qualified

statement.

disaster loss without regard to the

Instructions For Form 1139 - Corporation Application For Tentative Refund Page 3

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