Utah Utah Application for Refund from a Corporation Loss Carryback

Utah Application for Refund from a Corporation Loss Carryback
2010 TC-20L, Utah Application for Refund from a Corporation Loss Carryback
20898

Utah Application for Refund from
a Corporation Loss Carryback

TC-20L
Rev. 12/10

___ Mark “X” if a domestic production activities
deduction claimed in a carryback loss year

9999

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• ___ Mark “X” if this is a REIT Loss Carryback

Corporation name

Mark “X” if this
is a new address:

Employer Identification Number:

Address

• ___ Physical
address

___________________
City

State

ZIP Code

Foreign country (if not U.S.)

Telephone number

Utah Incorporation/Qualification Number:

• ___ Mailing

address

___________________

Loss Carryback
1. Enter the taxable year-end of the loss year (enter as mm/dd/yyyy)............................

•

1 _____ / _____ / _______

2. Loss from TC-20, Schedule A, or Utah REIT return (enter as a positive value) .........

•

2 _________________ . 00

3. Amount of loss on line 2 exceeding $1,000,000, if any...............................................
If line 2 is less than $1,000,000, enter “0”

3 _________________ . 00

•

4 _________________ . 00

5. Enter the 3rd prior taxable year-end (enter as mm/dd/yyyy).......................................

•

5 _____ / _____ / _______

6. Utah taxable income from 3rd prior taxable year (enter only if gain) ..........................

•

6 _________________ . 00

7. Loss carryback amount (enter the lesser of line 4 or line 6) .......................................

•

7 _________________ . 00

4. Loss available for carryback (subtract line 3 from line 2) ............................................

3rd Prior Taxable Year

8. Adjusted taxable income (subtract line 7 from line 6 – not less than zero) .................

8 _________________ . 00

9. Tax (multiply line 8 by 5% (.05), or enter minimum tax if greater) ...............................

9 _________________ . 00

10. Tax previously paid for 3rd prior taxable year..............................................................

•

10 _________________ . 00

11. Refund for 3rd prior taxable year (subtract line 9 from line 10)...............................

•

11 _________________ . 00

12. Loss remaining (subtract line 7 from line 4) ................................................................
If line 12 is zero, skip lines 13 through 28 and go to line 29.

12 _________________ . 00

2nd Prior Taxable Year
13. Enter the 2nd prior taxable year-end (enter as mm/dd/yyyy)......................................

•

13 _____ / _____ / _______

14. Utah taxable income from 2nd prior taxable year (enter only if gain) .........................

•

14 _________________ . 00

15. Loss carryback amount (enter the lesser of line 12 or line 14) ...................................

•

15 _________________ . 00

16. Adjusted taxable income (subtract line 15 from line 14 – not less than zero) .............

16 _________________ . 00

17. Tax (multiply line 16 by 5% (.05), or minimum tax if greater) ......................................

17 _________________ . 00

18. Tax previously paid for 2nd prior taxable year.............................................................

•

18 _________________ . 00

19. Refund for 2nd prior taxable year (subtract line 17 from line 18) ............................

•

19 _________________ . 00

20. Loss remaining (subtract line 15 from line 12) ............................................................
If line 20 is zero, skip lines 21 through 28 and go to line 29.
Continue on page 2

20 _________________ . 00

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TC-20L — continued

Page 2

1st Prior Taxable Year
21. Enter the 1st prior taxable year-end (enter as mm/dd/yyyy) .......................................

•

21 _____ / _____ / _______

22. Utah taxable income from 1st prior taxable year (enter only if gain)...........................

•

22 _________________ . 00

23. Loss carryback amount (enter the lesser of line 20 or line 22) ...................................

•

23 _________________ . 00

24. Adjusted taxable income (subtract line 23 from line 22 – not less than zero) .............

24 _________________ . 00

25. Tax (multiply line 24 by 5% (.05), or minimum tax if greater) ......................................

25 _________________ . 00

26. Tax previously paid for 1st prior taxable year..............................................................

•

26 _________________ . 00

27. Refund for 1st prior taxable year (subtract line 25 from line 26) .............................

•

27 _________________ . 00

28. Loss remaining (subtract line 23 from line 20) ............................................................

28 _________________ . 00

Carryforward
29. Enter loss exceeding $1,000,000 from line 3, if any ...................................................

29 _________________ . 00

30. Total loss to carryforward (add lines 28 and 29) .........................................................

30 _________________ . 00

Under penalties of perjury, I declare to the best of my knowledge and belief,
this return and accompanying schedules are true, correct and complete.

SIGN
HERE

Signature of officer
Preparer’s signature

Paid
Preparer's Name of preparer’s firm (or yourself, if self-employed)
Section

Title

Date
Date

Check here if the Tax Commission
may discuss this return with the
preparer shown below
Preparer’s PTIN

Preparer’s phone no.

Preparer’s EIN

Preparer’s complete address (street, city, state, ZIP)

USTC USE ONLY

IMPORTANT: To protect your privacy, use the "Clear form" button when you are finished.

Clear form

TC-20L_i

12/10

20800

Instructions for TC-20L
General Instructions
Form TC-20L is used for calculating a refund due to the carryback
of a Utah net loss shown on a corporation return. Form TC-20L
must be used instead of filing amended returns for the carryback
years.
For taxable years beginning on or after Jan. 1, 1994, if an election
is made to forego the federal net operating loss carryback and
only carry the loss forward, then the Utah net loss may not be
carried back unless a separate Utah election is made on form:
TC-20, Schedule A, or
TC-20MC, Schedule A, Part 2.
If no election is made on the loss return, the loss must be carried
back in accordance with the following line-by-line instructions.
A Utah net loss from a taxable year beginning on or after Jan. 1,
1994, that is carried back, must first be applied to the third prior
taxable year’s income. Any loss not entirely used in the third prior
taxable year must be carried back to the second prior taxable year.
Any loss not entirely used in the second prior taxable year must
then be carried back to the first prior taxable year. Any loss
remaining at that point may be carried forward to the next fifteen
taxable years.
The carryback loss is limited to $1,000,000. Any loss in excess of
$1,000,000 must be carried forward.

Line-by-Line Instructions
Domestic Production Activities Deduction
If you claimed a deduction for domestic production activities
under IRC §199 in a carryback year, enter “X” where indicated.
When a federal loss is carried back to a prior year in which an
IRC §199 deduction was claimed, the IRC §199 deduction may
be reduced or eliminated, depending on the revised amount of
federal taxable income for the year to which the loss is carried. In
a tax year in which the IRC §199 deduction is reduced or
eliminated on the federal return, Utah income will be increased.
In such instances, an amended Utah return must be filed to
reflect the increase in Utah income and the Utah tax.

REIT Loss Carryback
If the loss carryback is from a Real Estate Investment Trust
(REIT) return, enter “X” where indicated.

1. Taxable Year End of Loss Year
Enter the end date for the taxable year of the loss in mm/dd/yyyy
format (for example, enter Dec. 31, 2010 as 12/31/2010).

3. Loss Exceeding $1,000,000
The carryback of a Utah net loss is limited to $1,000,000. Enter
the loss exceeding $1,000,000. If the loss on line 2 is $1,000,000
or less, enter zero.

4. Loss Available for Carryback
Subtract line 3 from line 2. This is the loss allowed as a carryback
to the three prior taxable years.

Third Prior Taxable Year
5. Taxable Year End of Third Prior Taxable Year
Enter the end date for the third prior taxable year to the taxable
loss year in mm/dd/yyyy format (for example, enter Dec. 31, 2010
as 12/31/2010).

6. Taxable Income of Third Prior Taxable Year
Enter the taxable income from the third prior taxable year as filed,
amended or audited. Enter only if the taxable year showed a gain;
otherwise, enter zero.

7. Loss Carryback
Enter the lesser of line 4 (loss available) or line 6 (taxable income).

8. Adjusted Taxable Income
Subtract line 7 (allowable loss carryback) from line 6 (taxable
income). Do not enter an amount less than zero.

9. Tax
Multiply line 8 (adjusted taxable income) by 5% (.05). Do not enter
an amount less than the $100 minimum tax. The minimum tax on a
combined return is $100 per corporation shown on Schedule M for
the third prior taxable year.

10. Tax on Third Prior Taxable Year Return
Enter the tax previously paid on the return for the third prior
taxable year as filed, amended or audited.

11. Refund for Third Prior Taxable Year
Subtract line 9 (recomputed tax) from line 10 (previous tax). This is
the loss carryback refund for the third prior taxable year.

12. Loss Remaining
Subtract line 7 (allowable loss carried back to the third prior
taxable year) from line 4 (total allowable loss carryback). This is
the remaining loss to be carried to the second prior taxable year.

Second Prior Taxable Year

2. Loss to be Carried Back
Enter the total Utah net loss as a positive number. The loss for a
regular corporation is on TC-20, Schedule A; the loss for a Real
Estate Investment Trust is on TC-20MC, Schedule A, Part 2.

13. Taxable Year End of Second Prior Taxable Year
Enter the end date for the second prior taxable year to the taxable
loss year in mm/dd/yyyy format (for example, enter Dec. 31, 2010
as 12/31/2010).

20800

14. Taxable Income of Second Prior Taxable Year

25. Tax

Enter the taxable income from the second prior taxable year as
filed, amended or audited. Enter only if the year showed a gain;
otherwise, enter zero.

Multiply line 24 (adjusted taxable income) by 5% (.05). Do not
enter an amount less than the $100 minimum tax. The minimum
tax on a combined return is $100 per corporation shown on
Schedule M for the first prior taxable year.

15. Loss Carryback
Enter the lesser of line 12 (loss remaining) or line 14 (taxable
income).

26. Tax on First Prior Taxable Year Return
Enter the tax previously paid on the return for the first prior
taxable year as filed, amended or audited.

16. Adjusted Taxable Income
Subtract line 15 (allowable loss carryback) from line 14 (taxable
income). Do not enter an amount less than zero.

27. Refund for First Prior Taxable Year
Subtract line 25 (recomputed tax) from line 26 (previous tax).
This is the loss carryback refund for the first prior taxable year.

17. Tax
Multiply line 16 (adjusted taxable income) by 5% (.05). Do not
enter an amount less than the $100 minimum tax. The minimum
tax on a combined return is $100 per corporation shown on
Schedule M for the second prior taxable year.

18. Tax on Second Prior Taxable Year Return
Enter the tax previously paid on the return for the second prior
taxable year as filed, amended or audited.

19. Refund for Second Prior Taxable Year
Subtract line 17 (recomputed tax) from line 18 (previous tax).
This is the loss carryback refund for the second prior taxable
year.

20. Loss Remaining
Subtract line 15 (allowable loss carried back to the second prior
taxable year) from line 12 (remaining loss carryback). This is the
remaining loss to be carried to the first prior taxable year.

First Prior Taxable Year
21. Taxable Year End of First Prior Taxable Year
Enter the end date for the first prior taxable year to the taxable
loss year in mm/dd/yyyy format (for example, enter Dec. 31,
2010 as 12/31/2010).

28. Loss Remaining
Subtract line 23 (allowable loss carried back to the first prior
taxable year) from line 20 (remaining loss carryback). This is the
remaining loss to be carried forward.

Loss Carryforward
29. Loss Exceeding $1,000,000
Enter the original loss shown on line 3 that exceeded
$1,000,000. This amount was not allowed to be carried back.

30. Total Loss to Carry Forward
Add lines 28 and 29. This is the loss available to be carried
forward.

Important Note –
Nonrefundable Credits
If you claimed a nonrefundable credit in any of the three carryback years, the loss carryback may reduce or eliminate the
credit. You may be able to carry back or forward the credit to
other years. You must amend the applicable return after application of the loss carryback to claim any reduced nonrefundable
credit that results from the carryback loss.

22. Taxable Income of First Prior Taxable Year
Enter the taxable income from the first prior taxable year as filed,
amended or audited. Enter only if the taxable year showed a
gain; otherwise, enter zero.

23. Loss Carryback

Where to File
Utah State Tax Commission
210 N 1950 W
Salt Lake City, UT 84134-0300

Enter the lesser of line 20 (loss remaining) or line 22 (taxable
income).

Do NOT attach this TC-20L to your corporation return.

24. Adjusted Taxable Income

Questions

Subtract line 23 (allowable loss carryback) from line 22 (taxable
income). Do not enter an amount less than zero.

Call Taxpayer Services at 801-297-2200, or if outside the Salt
Lake area 1-800-662-4335, if you need assistance in completing
this form