Instructions For Form 1045 - Application For Tentative Refund

2 0 07

Department of the Treasury

Internal Revenue Service

Instructions for Form 1045

Application for Tentative Refund

An eligible loss does not include a

Qualified GO Zone casualty

General Instructions

farming loss or a qualified GO Zone

loss. A qualified GO Zone casualty

loss.

loss is any deductible section 1231

Section references are to the Internal

loss of property located in the GO

Revenue Code unless otherwise

Farming loss. A farming loss is the

noted.

Zone if the loss was caused by

smaller of:

Hurricane Katrina. For this purpose,

•

Purpose of Form

The amount that would be the NOL

the amount of the loss is reduced by

for the tax year if only income and

any recognized gain from an

Form 1045 is used by an individual,

deductions attributable to farming

involuntary conversion caused by

estate, or trust to apply for a quick tax

businesses (as defined in section

Hurricane Katrina of property located

refund resulting from:

263A(e)(4)) were taken into account,

in the GO Zone. Any such loss taken

•

The carryback of an NOL,

into account in figuring your qualified

•

The carryback of an unused

GO Zone loss is not eligible for the

The NOL for the tax year.

general business credit,

election to be treated as having

•

Qualified GO Zone loss. A qualified

The carryback of a net section

occurred in the previous tax year.

GO Zone loss is the smaller of:

1256 contracts loss, or

Specified liability loss. Generally,

•

An overpayment of tax due to a

1. The excess of the NOL for the

a specified liability loss is a loss

claim of right adjustment under

year over the specified liability loss

arising from:

•

section 1341(b)(1).

for the year to which a 10-year

Product liability, or

•

carryback applies, or

An act (or failure to act) that

Waiving the carryback period. You

2. The total of the following

occurred at least 3 years before the

can elect to carry an NOL forward

deductions (to the extent they are

beginning of the loss year and

only, instead of first carrying it back.

taken into account in computing the

resulted in a liability under a federal

To make this election for an NOL

NOL for the tax year):

or state law requiring:

incurred in your 2007 tax year, attach

a. Qualified GO Zone casualty

1. Reclamation of land,

to your 2007 tax return filed on or

loss (defined below),

2. Dismantling of a drilling

before the due date (including

platform,

b. Moving expenses paid or

extensions) a statement that you are

3. Remediation of environmental

incurred for the employment of an

electing under section 172(b)(3) to

contamination, or

individual whose main home was in

relinquish the entire carryback period

4. Payment under any workers

the GO Zone before August 28, 2005,

for any 2007 NOL. If you filed your

compensation act.

who was unable to remain in that

return on time without making the

home because of Hurricane Katrina,

election, you can still make the

Any loss from a liability arising

and whose main job location (after

election on an amended return filed

from (1) through (4) above can be

the move) is in the GO Zone,

within 6 months of the due date of the

taken into account as a specified

return (excluding extensions). Attach

c. Temporary housing expenses

liability loss only if you used an

the election to the amended return,

paid or incurred to house employees

accrual method of accounting

and write “Filed pursuant to section

of the taxpayer whose main job

throughout the period in which the act

301.9100-2” on the election

location is in the GO Zone,

(or failure to act) occurred. For

statement. File the amended return at

d. Depreciation or amortization

details, see section 172(f).

the same address you used for your

allowable for any qualified GO Zone

original return. Once made, the

property (even if you elected not to

When To File

election is irrevocable.

claim the special GO Zone

You must file Form 1045 within 1 year

depreciation allowance for such

after the end of the year in which an

property) for the year placed in

Definitions

NOL, unused credit, a net section

service, and

1256 contracts loss, or claim of right

Eligible loss. For an individual, an

e. Repair expenses (including

adjustment arose.

eligible loss is any loss of property

expenses for the removal of debris)

arising from fire, storm, shipwreck,

paid or incurred for any damage from

Be sure to file your 2007

other casualty, or theft.

Hurricane Katrina to property located

income tax return no later

in the GO Zone.

than the date you file Form

CAUTION

For a small business (as defined in

1045.

section 172(b)(1)(F)(iii)) or a farming

business (as defined in section

See Pub. 4492, Information for

If you carry back any portion of an

263A(e)(4)), an eligible loss is any

Taxpayers Affected by Hurricanes

NOL or an unused general business

loss attributable to a Presidentially

Katrina, Rita, and Wilma, for a list of

credit to tax years before the 3 years

declared disaster (as defined in

counties and parishes included in the

preceding the 2007 tax year, you may

section 1033(h)(3)).

GO Zone.

need to use additional Forms 1045.

Cat. No. 13666W

Instructions For Form 1045 - Application For Tentative Refund - 2007

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