Form IT552 "Corporation Application for Tentative Carry-Back Adjustment Under Section 48-7-2 1 of the Georgia Public Revenue Code" - Georgia (United States)

What Is Form IT552?

This is a legal form that was released by the Georgia Department of Revenue - a government authority operating within Georgia (United States). As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on March 13, 2019;
  • The latest edition provided by the Georgia Department of Revenue;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form IT552 by clicking the link below or browse more documents and templates provided by the Georgia Department of Revenue.

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Download Form IT552 "Corporation Application for Tentative Carry-Back Adjustment Under Section 48-7-2 1 of the Georgia Public Revenue Code" - Georgia (United States)

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MAIL TO:
GEORGIA DEPARTENT OF REVENUE
IT 552 (Rev. 03/13/19)
PROCESSING CENTER
ATTACH THIS FORM TO FACE OF
PO BOX 740397
LOSS YEAR RETURN, WHEN PRACTICABLE
ATLANTA, GEORGIA 30374-0397
CORPORATIO N APPLICA TION FOR TENTA TIVE CARRY -BACK ADJUSTMENT
UNDER SECTION 48-7-2 1 OF THE GEORGI A PUBLIC REVENUE CODE
FEDERAL EMPLOYER IDENTIFICATION NO.
FOR DEPARTMENT USE ONLY
NAME
NUMBER AND STREET
TELEPHONE NO.
CITY
STATE
ZIP CODE
DATE RECEIVED
OTHER
INSURANCE LOSS
TYPE OF LOSS:
FARM LOSS
FARM LOSS
NORMAL
EXPLAIN IN
(5) YEAR (see page 2)
(2 2 ) ) YEAR
(2) YEAR
ATTACHMENT
(2) YEAR
PORTION
$ ________________________
$ ________________________
$ _________________________
$ _________________________
$ ________________________
A. Enter the taxable year of Net Operating Loss and/or Net Capital Loss,
Net Operating Loss $
Year Ended __________________
Net Capital Loss
$
B. Was a GA consolidated return filed for the year specified in item A? [
]Yes [
]No
(attach Schedule D)
C. Explain all changes of corporate title, if any, made during the three years immediately preceding loss year.
D. UNPAID TAXES: Show amounts unpaid, including taxes, and additional tax due because of notice from this department, for all taxable years.
TAXABLE YEAR
AMOUNT ASSESSED
AMOUNT PAID
UNPAID TAX
UNPAID INTEREST
E. If there has been a change in your accounting period, give the date permission to change was given
F. If this is an application of a dissolved corporation, give date of dissolution
G. If you have filed an amended return or had an audit please attach a copy.
H. Are you a financial institution required to file Form 900 with Georgia?
THIRD PRECEDING TAXABLE
SECOND PRECEDING TAXABLE
FIRST PRECEDING TAXABLE
COMPUTA TION OF
YEAR ENDED
YEAR ENDED
YEAR ENDED
(b) Liability after
(c) Return as filed, or
(d) Liability after
(e) Return as filed, or
(f) Liability after
DECREAS E I N TAX
(a) Return as filed or
liability as last determined application of carry-back liability as last determined application of carry-back liability as last determined application of carry-back
1. Taxable income before deducting line 2
2. (a) NOL Deduction and/or (b) Net Cap.
Loss Deduction resulting from carry-back
See instructions for 80% rule
3. Line 1 less line 2
4. Tax on line 3
5. Less Georgia Credits
6. Balance (line 5 from line 4)
7. Less line 6 (b) (d) (f)
8. Decrease in tax (line 7 from line 6)
-ATTACH THIS FORM TO FACE OF LOSS YEAR RETURN, WHEN PRACTICABLE-
I, the undersigned, president or other principal officer of the corporation for which this application is made declare under the penalties of perjury that this application (including any accompanying schedules
and statements) has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete application, made in good faith, pursuant to the Georgia Public Revenue Code and
the regulations issued thereunder. It is understood that this is a tentative carry-back adjustment subject to later detailed audit and does not constitute a claim for credit or refund.
President, or Other Principal Officer
(Title)
(Date)
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MAIL TO:
GEORGIA DEPARTENT OF REVENUE
IT 552 (Rev. 03/13/19)
PROCESSING CENTER
ATTACH THIS FORM TO FACE OF
PO BOX 740397
LOSS YEAR RETURN, WHEN PRACTICABLE
ATLANTA, GEORGIA 30374-0397
CORPORATIO N APPLICA TION FOR TENTA TIVE CARRY -BACK ADJUSTMENT
UNDER SECTION 48-7-2 1 OF THE GEORGI A PUBLIC REVENUE CODE
FEDERAL EMPLOYER IDENTIFICATION NO.
FOR DEPARTMENT USE ONLY
NAME
NUMBER AND STREET
TELEPHONE NO.
CITY
STATE
ZIP CODE
DATE RECEIVED
OTHER
INSURANCE LOSS
TYPE OF LOSS:
FARM LOSS
FARM LOSS
NORMAL
EXPLAIN IN
(5) YEAR (see page 2)
(2 2 ) ) YEAR
(2) YEAR
ATTACHMENT
(2) YEAR
PORTION
$ ________________________
$ ________________________
$ _________________________
$ _________________________
$ ________________________
A. Enter the taxable year of Net Operating Loss and/or Net Capital Loss,
Net Operating Loss $
Year Ended __________________
Net Capital Loss
$
B. Was a GA consolidated return filed for the year specified in item A? [
]Yes [
]No
(attach Schedule D)
C. Explain all changes of corporate title, if any, made during the three years immediately preceding loss year.
D. UNPAID TAXES: Show amounts unpaid, including taxes, and additional tax due because of notice from this department, for all taxable years.
TAXABLE YEAR
AMOUNT ASSESSED
AMOUNT PAID
UNPAID TAX
UNPAID INTEREST
E. If there has been a change in your accounting period, give the date permission to change was given
F. If this is an application of a dissolved corporation, give date of dissolution
G. If you have filed an amended return or had an audit please attach a copy.
H. Are you a financial institution required to file Form 900 with Georgia?
THIRD PRECEDING TAXABLE
SECOND PRECEDING TAXABLE
FIRST PRECEDING TAXABLE
COMPUTA TION OF
YEAR ENDED
YEAR ENDED
YEAR ENDED
(b) Liability after
(c) Return as filed, or
(d) Liability after
(e) Return as filed, or
(f) Liability after
DECREAS E I N TAX
(a) Return as filed or
liability as last determined application of carry-back liability as last determined application of carry-back liability as last determined application of carry-back
1. Taxable income before deducting line 2
2. (a) NOL Deduction and/or (b) Net Cap.
Loss Deduction resulting from carry-back
See instructions for 80% rule
3. Line 1 less line 2
4. Tax on line 3
5. Less Georgia Credits
6. Balance (line 5 from line 4)
7. Less line 6 (b) (d) (f)
8. Decrease in tax (line 7 from line 6)
-ATTACH THIS FORM TO FACE OF LOSS YEAR RETURN, WHEN PRACTICABLE-
I, the undersigned, president or other principal officer of the corporation for which this application is made declare under the penalties of perjury that this application (including any accompanying schedules
and statements) has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete application, made in good faith, pursuant to the Georgia Public Revenue Code and
the regulations issued thereunder. It is understood that this is a tentative carry-back adjustment subject to later detailed audit and does not constitute a claim for credit or refund.
President, or Other Principal Officer
(Title)
(Date)
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IT 552 (Rev. 03/13/19)
P age 2
For taxable years ending on or before December 31, 2017 farmers can carryback losses 5 years.
FIFTH PRECEDI NG TAXABL E
FOURTH PRECEDIN G TAXABL E
YE AR ENDED
YEA R ENDED
COMPUTA TION O F
(h) Liability after
(i) Return as filed, or
(j) Liability after
DECREAS E I N TAX
(g) Return as filed or
liability as last determined application of carry-back liability as last determined application of carry-back
1. Taxable income before deducting line 2
2. (a) NOL Deduction and/or (b) Net Cap.
Loss Deduction resulting from carry-back
See instructions for 80% rule
3. Line 1 less line 2
4. Tax on line 3
5. Less Georgia Credits
6. Balance (line 5 from line 4)
7. Less line 6 (h) (j)
8. Decrease in tax (line 7 from line 6)
The quick refund is limited to the tax decrease which results
Who May File an Application. - An application for a tenta-
from the net loss carry-back deductions. Items must be
tive carry-back adjustment may be filed on this form by any
into account only to the extent that they were reported in the
corporation which desires a quick refund of t a es afforded
return or were reflected in amounts assessed (or collected
by carry-back of a net operating loss or a net capital loss.
without assessment) as deficiencies or in amount which
Place for Filing. - This form must be filed with Georgia
were abated, credited, refunded, or otherwise repaid, prior to
Department of Revenue
the date of filing this application.
Processing Center
I n general, the tax previously determined will be the tax
P O Box 740397
shown
on
the
return
as
filed
with
the
possible
Atlanta, Georgia 30374-0397
exceptions
1-877-423-6711
D ( 1). Computation of Net Operating L oss Carry-Back
USE
OF
THIS
FORM
WILL
FACILITATE
THE
Deduction. - The
net operating loss to be carried back is
PROCESSING OF YOUR REFUND. FORM ATTACHED
the Georgia taxable income (loss) modified by any adjust-
TO
FACE
OF
LOSS
YEAR
RETURN
FURTHER
ments requi red by t he Internal Revenue Code of 1986.
If
REDUCES PROCESSING TIME ON REFUNDS.
adjustments to the
Georgia taxable
income (loss) are
required
by
Section 172,
a separate
schedule of
C . Recomputation o f Tax Liability.
- To arrive at the
explanation must be attached.
decrease in t ax previously determined , r ecompute such
tax after taking the carry-
into account. For carry-back
Provision for net operating loss carry-back is made in Regu-
deduction, see item D.
lation 560-7-3-.06. The provisions of IRC Sections 108, 381,
Generally, a net operating loss (NOL) must be carried back
382 and 384 generally also apply for Georgia purposes, see
(if applicable) and forward in the procedural sequence of
Regulation 560-7-3-.06 for exceptions and more information.
taxable periods provided by Section 172 of the Internal
Revenue Code of 1986, as defined in Code Section 48-1-2.
D ( 2). Capital Loss Carry-Back Deduction. - A net capital
For taxable years ending on or before December 31, 2017,
loss carry-back is available under the general rules and
generally, the carry-back period is 2 years (with special
regulations of Section 1212 of the Internal Revenue Code of
rules for farmers, etc.) For losses incurred in taxable years
1986 in the event the carry-back deduction adjusts the
ending after December 31, 2017 there is no carry-back (with
Georgia taxable income (carried -back to 100% of net capital
a 2 year carry-back for farmers) and unlimited carryover.
gain).
Also,
Georgia
does
not follow the
following federal
provisions:
E. Allowance of Adjustment. -
days
from the last day of the month i n which a n applic ation
• Special carry-back rules enacted in 2009.
for tentative carry-back adjustment is filed, the
Com-
• Special rules relating to Gulf Opportunity Zone public
Revenue
make
limited examination
utility casualty losses, I.R.C. Section 1400N(j).
application and disallow without further action any appli-
• 5 year carry-back of NOLs attributable to Gulf
catio n containing error s of computation no t correctabl e
Opportunity Zone losses, I.R.C. Section 1400N(k).
withi n such 9 0
perio or having material omissions. A
• 5 year carry-back of NOLs incurred in the Kansas
decrease of tax determined for a prior year tax will first be
disaster area after May 3, 2007, I.R.C. Section 1400N(k).
credited
against any unpaid tax and any remainin
• 5 year carry-back of certain disaster losses, I.R.C.
balance will be refunded t o taxpayer without i nterest
Sections 172(b)(1)(J) and 172(j).
within the aforesaid 90 day period.
• The election to deduct public utility property losses attrib-
utable to May 4, 2007 Kansas storms and tornadoes in the
This application for tentative carry-back adjustment does
not constitute a claim for credit or refund. If the application is
disallowed in whole or i n p art, no suit bas ed there on may
For losses incurred in taxable years beginning on or after
be maintained i n court f or the recovery of the tax. The
January 1, 2018, the net operating loss cannot offset more
corporation may, however, file a regular claim for refund
than 80% of Georgia taxable net income. Certain insurance
on an amended Form 600 at any time before the
companies are not subject to the 80% rule and carry-back
expiration of th e applicable period of limitation.
losses 2 years and forward 20 years. For tax year s begin-
ning before January 1, 2005, Georgia did not adopt the five
F. Assessment of Erroneous Allowance. - I f t he Com-
year carry-back and continued to use the two year carry-back
missioner should determine that the amount credited
(with special rules for farmers and casualty losses) as
refunded by an application is in excess of the amo unt
provided under the old Federal law. An election made with
properly attributable to the carry-back with respect
t o
the Internal Revenue Service to relinquish the entire carry-
which wa s
credited
o r
refunded,
the Commissioner
back period and
forward only is a binding
assess the amount of the excess as a deficiency as i f
election with Georgia.
it were due to a mathematical error appearing on the
face of the return.
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