Georgia Corporation Application For Tentative Carry Back Adjustment

Corporation Application For Tentative Carry Back Adjustment
TSD_Corporation_Application_Tentative_Carry_Back_Adjustment_IT-552
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MAIL TO:
GEORGIA DEPARTMENT OF REVENUE
PROCESSING CENTER
PO BOX 740397
ATLANTA, GEORGIA 30374-0397

IT 552 (Rev. 03/13/19)
ATTACH THIS FORM TO FACE OF
LOSS YEAR RETURN, WHEN PRACTICABLE

CORPORATION APPLICATION FOR TENTATIVE CARRY-BACK ADJUSTMENT
UNDER SECTION 48-7-21 OF THE GEORGIA PUBLIC REVENUE CODE
FEDERAL EMPLOYER IDENTIFICATION NO.

FOR DEPARTMENT USE ONLY

NAME
NUMBER AND STREET

TELEPHONE NO.

CITY

STATE

ZIP CODE
DATE RECEIVED

TYPE OF LOSS:
PORTION

FARM LOSS
(5) YEAR (see page 2)

FARM LOSS
(2) YEAR

NORMAL
(2) YEAR

OTHER
EXPLAIN IN
ATTACHMENT

INSURANCE LOSS
(2
2) YEAR

$ ________________________ $ ________________________ $ _________________________ $ _________________________ $ ________________________

A. Enter the taxable year of Net Operating Loss and/or Net Capital Loss,
Year Ended __________________

Net Operating Loss $
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

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
YEAR ENDED
YEAR ENDED
COMPUTATION OF

UNPAID INTEREST

FIRST PRECEDING TAXABLE
YEAR ENDED

(b) Liability after
(c) Return as filed, or
(d) Liability after
(e) Return as filed, or
(f) Liability after
(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

DECREASE IN TAX
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)

Page 2

For taxable years ending on or before December 31, 2017 farmers can carryback losses 5 years.
COMPUTATION OF
DECREASE IN TAX
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)

FIFTH PRECEDING TAXABLE
YEAR ENDED

FOURTH PRECEDING TAXABLE
YEAR ENDED

(h) Liability after
(i) Return as filed, or
(j) Liability after
(g) Return as filed or
liability as last determined application of carry-back liability as last determined application of carry-back

Who May File an Application. - An application for a tentative carry-back adjustment may be filed on this form by any
corporation which desires a quick refund of t a es afforded
by carry-back of a net operating loss or a net capital loss.
Place for Filing. - This form must be filed with Georgia
Department of Revenue
Processing Center
P O Box 740397
Atlanta, Georgia 30374-0397
1-877-423-6711
USE OF THIS FORM WILL FACILITATE THE
PROCESSING OF YOUR REFUND. FORM ATTACHED
TO FACE OF LOSS YEAR RETURN FURTHER
REDUCES PROCESSING TIME ON REFUNDS.
C . Recomputation of Tax Liability. - To arrive at the
decrease in t ax previously determined , recompute such
tax after taking the carryinto account. For carry-back
deduction, see item D.
Generally, a net operating loss (NOL) must be carried back
(if applicable) and forward in the procedural sequence of
taxable periods provided by Section 172 of the Internal
Revenue Code of 1986, as defined in Code Section 48-1-2.
For taxable years ending on or before December 31, 2017,
generally, the carry-back period is 2 years (with special
rules for farmers, etc.) For losses incurred in taxable years
ending after December 31, 2017 there is no carry-back (with
a 2 year carry-back for farmers) and unlimited carryover.
Also, Georgia does not follow the following federal
provisions:
• Special carry-back rules enacted in 2009.
• Special rules relating to Gulf Opportunity Zone public
utility casualty losses, I.R.C. Section 1400N(j).
• 5 year carry-back of NOLs attributable to Gulf
Opportunity Zone losses, I.R.C. Section 1400N(k).
• 5 year carry-back of NOLs incurred in the Kansas
disaster area after May 3, 2007, I.R.C. Section 1400N(k).
• 5 year carry-back of certain disaster losses, I.R.C.
Sections 172(b)(1)(J) and 172(j).
• The election to deduct public utility property losses attributable to May 4, 2007 Kansas storms and tornadoes in the

For losses incurred in taxable years beginning on or after
January 1, 2018, the net operating loss cannot offset more
than 80% of Georgia taxable net income. Certain insurance
companies are not subject to the 80% rule and carry-back
losses 2 years and forward 20 years. For tax years beginning before January 1, 2005, Georgia did not adopt the five
year carry-back and continued to use the two year carry-back
(with special rules for farmers and casualty losses) as
provided under the old Federal law. An election made with
the Internal Revenue Service to relinquish the entire carryback period and
forward only is a binding
election with Georgia.

The quick refund is limited to the tax decrease which results
from the net loss carry-back deductions. Items must be
into account only to the extent that they were reported in the
return or were reflected in amounts assessed (or collected
without assessment) as deficiencies or in amount which
were abated, credited, refunded, or otherwise repaid, prior to
the date of filing this application.
I n general, the tax previously determined will be the tax
shown on the return as filed with the possible
exceptions

D (1). Computation of Net Operating Loss Carry-Back
Deduction. - The net operating loss to be carried back is
the Georgia taxable income (loss) modified by any adjustments requi red by t he Internal Revenue Code of 1986. If
adjustments to the Georgia taxable income (loss) are
required by Section 172, a separate schedule of
explanation must be attached.
Provision for net operating loss carry-back is made in Regulation 560-7-3-.06. The provisions of IRC Sections 108, 381,
382 and 384 generally also apply for Georgia purposes, see
Regulation 560-7-3-.06 for exceptions and more information.
D (2). Capital Loss Carry-Back Deduction. - A net capital
loss carry-back is available under the general rules and
regulations of Section 1212 of the Internal Revenue Code of
1986 in the event the carry-back deduction adjusts the
Georgia taxable income (carried -back to 100% of net capital
gain).
E. Allowance of Adjustment. days
from the last day of the month i n which a n application
for tentative carry-back adjustment is filed, the ComRevenue
make limited examination
application and disallow without further action any applicatio n containing error s of computation no t correctable
within such 90
perio or having material omissions. A
decrease of tax determined for a prior year tax will first be
credited against any unpaid tax and any remainin
balance will be refunded t o taxpayer without interest
within the aforesaid 90 day period.
This application for tentative carry-back adjustment does
not constitute a claim for credit or refund. If the application is
disallowed in whole or in part, no suit based there on may
be maintained i n court f or the recovery of the tax. The
corporation may, however, file a regular claim for refund
on an amended Form 600 at any time before the
expiration of th e applicable period of limitation.
F. Assessment of Erroneous Allowance. - I f t he Commissioner should determine that the amount credited
refunded by an application is in excess of the amount
properly attributable to the carry-back with respect to
which wa s credited o r refunded, the Commissioner
assess the amount of the excess as a deficiency as if
it were due to a mathematical error appearing on the
face of the return.