Instructions for IRS Form 1045 - Application for Tentative Refund 2017

December 6, 2017 "Instructions For Form 1045 - Application For Tentative Refund" contain the updated filing procedures for the IRS-issued Form 1045. Download your copy of the instructions by clicking the link below.

IRS Form 1045 is tax form released and collected by the Internal Revenue Service of the United States.

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2017
Department of the Treasury
Internal Revenue Service
Instructions for Form 1045
Application for Tentative Refund
General Instructions
Once made, the election is irrevocable
gambling, the racing of animals, or the
for the tax year.
on-site viewing of such racing, and the
portion of any real property (determined
Future developments. For the latest
Definitions
by square footage) that is dedicated to
information about developments related
gambling, the racing of animals, or the
to Form 1045 and its instructions, such
Eligible loss. For an individual, an
on-site viewing of such racing, unless
as legislation enacted after they were
eligible loss is any loss of property
this portion is less than 100 square feet.
published, go to IRS.gov/Form1045.
arising from fire, storm, shipwreck, other
Qualified GO Zone loss. A qualified
casualty, or theft.
What’s New Disaster tax relief was
GO Zone loss is the smaller of:
enacted for those impacted by
For a small business (as defined in
Hurricane Harvey, Irma, or Maria,
1. The excess of the NOL for the
section 172(b)(1)(E)(iii)) or a farming
including provisions that modified the
year over the specified liability loss for
business (as defined in section 263A(e)
limit on the deduction for charitable
the year to which a 10-year carryback
(4)), an eligible loss is any loss
contributions and the calculation of
applies, or
attributable to a federally declared
casualty and theft losses. See
disaster (as defined in section 165(i)
2. The total of any special GO Zone
Publication 976, Disaster Relief, for
(5)).
depreciation or amortization allowable
more information.
for specified GO Zone extension
An eligible loss doesn't include a
property for the tax year such property is
farming loss.
Purpose of Form
placed in service (even if you elected
Farming loss. A farming loss is the
Form 1045 is used by an individual,
not to claim the special GO Zone
smaller of:
estate, or trust to apply for a quick tax
depreciation allowance for such
The amount that would be the NOL
refund resulting from:
property).
for the tax year if only income and
The carryback of a Net Operating
deductions attributable to farming
Specified liability loss. Generally, a
Loss (NOL),
businesses (as defined in section
specified liability loss is a loss arising
The carryback of an unused general
263A(e)(4)) were taken into account, or
from:
business credit,
The NOL for the tax year.
Product liability, or
The carryback of a net section 1256
An act (or failure to act) that occurred
contracts loss, or
Qualified disaster loss. A qualified
at least 3 years before the beginning of
An overpayment of tax due to a claim
disaster loss is the smaller of:
the loss year and resulted in a liability
of right adjustment under section
1. The sum of:
under a federal or state law requiring:
1341(b)(1).
a. Any losses occurring in a disaster
1. Reclamation of land,
When carrying back an NOL to
area (as defined in section 165(i)(5))
an earlier tax year, an
2. Dismantling of a drilling platform,
!
and attributable to a federally declared
alternative minimum tax (AMT)
disaster occurring before January 1,
3. Remediation of environmental
CAUTION
liability may be created for that earlier
2010, plus
contamination,
year. This may be true even if there was
b. Any qualified disaster expenses
4. Payment under any workers
no AMT liability when the tax return for
that were allowable under section 198A
compensation act, or
that earlier year was filed.
(even if you didn't elect to treat such
5. Decommissioning of a nuclear
expenses as qualified disaster
power plant (or any unit thereof).
Waiving the carryback period. You
expenses), or
can elect to carry an NOL forward only,
Any loss from a liability arising from
2. The NOL for the tax year.
instead of first carrying it back. To make
(1) through (5) above can be taken into
this election for an NOL incurred in your
Excluded losses. A qualified
account as a specified liability loss only
2017 tax year, attach to your 2017 tax
disaster loss doesn't include any losses
if you used an accrual method of
return filed on or before the due date
from property used in connection with
accounting throughout the period in
(including extensions) a statement that
any private or commercial golf course,
which the act (or failure to act) occurred.
you are electing under section 172(b)(3)
country club, massage parlor, hot tub
For details, see section 172(f).
to relinquish the entire carryback period
facility, suntan facility, or any store for
for any 2017 NOL. If you filed your
When To File
which the principal business is the sale
return on time without making the
of alcoholic beverages for consumption
You must file Form 1045 within 1 year
election, you can still make the election
off premises.
after the end of the year in which an
on an amended return filed within 6
A qualified disaster loss also doesn't
NOL, unused credit, net section 1256
months of the due date of the return
include any losses from any gambling or
contracts loss, or claim of right
(excluding extensions). Attach the
animal racing property. Gambling or
adjustment arose.
election to the amended return, and
animal racing property is any
write “Filed pursuant to section
equipment, furniture, software, or other
301.9100-2” on the election statement.
property used directly in connection with
Dec 06, 2017
Cat. No. 13666W

Download Instructions for IRS Form 1045 - Application for Tentative Refund 2017

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