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Contents : Userid: PAGER/SGML Page 1 of 6 Fileid: DTD INSTR04 Leadpct: 0% Pt. size: 10 C: Documents and Settings GF2LB Desktop 1139 08I1139 031309.SGM Instructions for Form 1139 Draft Ok to Print (Init. & date) 9:02 - 16-MAR-2009 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of the Treasury Internal Revenue Service Instructions for Form 1139 (Rev. March 2009) (Use with the August 2006 revision of Form 1139.) Corporation Application for Tentative Refund Section references are to the Internal Revenue Code unless otherwise noted. What s New 5-year carryback of 2008 net operating losses (NOLs) for eligible small businesses. An eligible small business can elect a 3 4 or 5-year carryback period for certain 2008 net operating losses (NOLs). Other special rules also apply. See Eligible Small Business Loss on page 4. Tax relief for disaster area losses. A 5-year carryback period applies to the portion of an NOL that is: A qualified disaster loss attributable to a disaster that is in an area declared by the President to be eligible for federal disaster assistance A qualified recovery assistance loss attributable to losses in the Kansas disaster area or A qualified disaster recovery assistance loss attributable to losses in the Midwestern disaster areas. See the instructions for each applicable loss under Definitions and Special Rules. Alternative minimum tax net operating loss deduction (ATNOLD). The 90% limit on the ATNOLD does not apply to the portion of the ATNOLD attributable to a qualified disaster loss a qualified recovery assistance loss and a qualified disaster recovery assistance loss. See page 5 of the instructions. Qualified GO Zone losses. The definition of a qualified GO Zone loss no longer includes certain deductions. See page 3. General Instructions Purpose of Form A corporation (other than an S corporation) files Form 1139 to apply for a quick refund of taxes from: The carryback of an NOL The carryback of a net capital loss The carryback of an unused general business credit or An overpayment of tax due to a claim of right adjustment under section 1341(b)(1). Waiving the NOL carryback period. A corporation can elect to carry an NOL forward instead of first carrying it back. Make this election by attaching a statement to a timely filed tax return (including extensions) for the tax year of the NOL indicating that the corporation is electing to relinquish the entire carryback period under section 172(b)(3) for any NOLs incurred in that tax year. If the corporation timely filed its return for the loss year without making the election it can make the election on an amended return filed within 6 months of the due date of the loss year return (excluding extensions). Attach the election to the amended return and write Filed pursuant to section 301.9100-2 on the election statement. Once made the election is irrevocable except as explained in the next paragraph. Revoking the election to waive the carryback period. The corporation can revoke an election under section 172(b)(3) to waive the carryback period for an NOL arising in a tax year ending before February 17 2009 and make the election under section 172(b)(1)(H) to use a 3 4 or 5-year carryback period for an eligible small business loss. To revoke the election file Form 1139 (or an amended return) for the earliest tax year to which the corporation is carrying back its 2008 NOL. Enter 2008 NOL Carryback Election and Revocation of NOL Carryback Waiver Pursuant to Rev. Proc. 2009-19 across the top of the Form 1139 (or an amended return). If filing an amended return see Filing Form 1120X or Other Amended Return on page 2. When To File Generally the corporation must file Form 1139 within 12 months of the end of the tax year in which an NOL net capital loss unused credit or claim of right adjustment arose. Cat. No. 20631X To elect a 3 4 or 5-year carryback for an eligible small business loss arising in a tax year ending before February 17 2009 the corporation must file Form 1139 by the later of the regular due date or April 17 2009. The corporation must file its income tax return for the tax CAUTION year no later than the date it files Form 1139. ! If the corporation filed Form 1138 Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback it can get an additional extension of time to pay. To do so file Form 1139 by the last day of the month that includes the due date (including extensions) for filing the return for the tax year from which the NOL carryback arose. Qualified new members of a consolidated group. The general rule above applies to the time for filing of Form 1139 by a consolidated group. However for this purpose a separate return year of a qualified new member (see below) that ends on the date of joining the new group is trea

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