Instructions For Form 1139 - Corporation Application For Tentative Refund Page 4
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5Line 1b—Net Capital Loss
If the corporation is filing Form
Line 12—Capital Loss
1139 for a short tax year created
Carryback
Generally, a net capital loss can be
when the corporation became a
carried back 3 years and treated as a
Enter the capital loss carryback, but
qualified new member of a
short-term capital loss in the
not more than capital gain net income.
consolidated group (see Qualified
carryback year. The net capital loss
Capital gain net income is figured
new members of a consolidated
can be carried back only to the extent
without regard to the capital loss
group, earlier) the corporation must
it does not increase or produce an
carryback of the loss year or any later
answer “Yes” on line 5a and enter the
NOL in the tax year to which it is
year. Attach a copy of Schedule D
tax year ending date, name, and EIN
carried. For special rules for capital
(Form 1120) for the carryback year.
of the new common parent on line 5b.
loss carrybacks, see sections 1212(a)
Enter the amount of the capital loss
(3) and (4).
Lines 11 through 27—
carryback as a positive number on
line 12.
Computation of Decrease in
Line 1c—Unused General
Tax
Business Credit
When carrying over a net capital
loss to a later tax year, reduce the
In columns (a), (c), and (e), enter the
If the corporation is claiming a
amount of the net capital loss that can
amount for the applicable carryback
tentative refund based on a carryback
be used in the later years by the
year as shown on your original or
of an unused general business credit
amount of the net capital loss
amended return or as adjusted by the
(GBC), attach a copy of the
deductions used in the earlier years.
IRS.
appropriate credit form for the tax year
For details, see section 1212(a)(1).
in which the credit arose. Except as
Use columns (a) and (b), (c) and
provided in section 39(d), an unused
(d), or (e) and (f) to enter amounts
Line 14—NOL Deduction
GBC can be carried back 1 year.
before and after carryback for each
See Definitions and Special Rules
Refigure the credit for the carryback
year to which the loss is carried. Start
earlier to figure the carryback period.
year on Form 3800, or the applicable
with the earliest carryback year. Use
NOLs are first applied to the earliest
credit form. See the instructions for
the remaining pairs of columns for
year in the carryback period. Any
Form 3800.
each consecutive preceding year until
unused amount is carried to the next
the loss is fully absorbed. Enter the
Line 1d—Other
tax year in the carryback period. Any
ordinal number of years the loss is
amount not used during the carryback
Complete line 1d if Form 1139 is filed
being carried back and the date the
period is carried forward up to 20
to claim a tentative refund based on
carryback year ends in the spaces
years.
an overpayment of tax due to a claim
provided above columns (a) and (b),
of right adjustment under section
Line 16—Income Tax
(c) and (d), or (e) and (f).
1341(b)(1). See the instructions for
In columns (b), (d), and (f), enter the
For example, if the loss year is the
line 28, later.
refigured income tax after taking into
2014 calendar year and the loss is
Line 4
account the carryback(s). See the
carried back 5 years, enter “5th” and
instructions for the corporate income
“12/31/09” in the spaces provided
Foreign taxes taken as a credit in a
tax return for the applicable year for
above columns (a) and (b). After
prior year can be reduced to zero by
details on how to figure the tax. Attach
making the entries, it reads “5th
the carryback of an NOL or a net
a computation of the refigured tax.
preceding tax year ended 12/31/09.”
capital loss on Form 1139. A
Take into account section 1561 when
corporation must file Form 1120X (or
Note. Additional Forms 1139 may be
refiguring the income tax.
other amended return) instead of
needed if the corporation is carrying
Form 1139 to carry back a prior year
Line 17—Alternative Minimum
back an NOL to more than 3
foreign tax credit released due to an
Tax
preceding tax years. On the additional
NOL or net capital loss carryback.
forms, complete lines 11 through 27
For columns (b), (d), and (f), refigure
See Filing Form 1120X or Other
for each additional preceding tax year
the alternative minimum tax.
Amended Return, earlier.
Complete and attach Form 4626 for
as necessary. Skip lines 1 through 10
Line 5
and do not sign the additional forms.
the appropriate year.
If the common parent of a
When completing lines 16 through
Limit on alternative tax NOL de
consolidated group files Form 1139 to
25, take into account any write-in
duction. If the corporation carries
carry back a loss or credit arising in a
amounts that may have appeared on
back any portion of an alternative tax
corporation's separate return year to a
the original return. For example, for a
NOL (ATNOL) based on an NOL
year in which the corporation joined in
tax year beginning in 2014, if Form
carryback attributable to qualified
the filing of a consolidated return, the
1120, Schedule J, line 2, was
disaster losses or qualified GO Zone
IRS is required to send the refund for
increased by deferred tax under
losses, the 90%-of-
that year directly to, and in the name
section 1291, include that amount on
alternative-minimum-taxable-income
of, the common parent (or agent
line 16.
(AMTI) limit does not apply to such
designated under Regulations section
portion of the alternative tax NOL
Line 11—Taxable Income From
1.1502-77(d) for the carryback year).
deduction (ATNOLD). To determine
Tax Return
See Regulations sections
the ATNOLD for the carryback year,
1.1502-78(a) and (b).
Enter in columns (b), (d), and (f) the
see section 56(d)(1)(A). Also, see the
amounts from columns (a), (c), and
Instructions for Form 4626.
(e), respectively.
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