Free TC-20L, Utah Application for Refund From a Corporation Loss Carryback - Utah

Print Form 20898

Clear form
TC-20L
Rev. 12/08

Utah Application for Refund from a Corporation Loss Carryback

9999
Corporation name

· ___ Mark "X" if this is an REIT Loss Carryback
Address City Foreign country (if not U.S.) State ZIP Code

Mark "X" if this is a new address:

Employer Identification Number: _ _ _ _ _ _ _ _ _ _ _ ________ Utah Incorporation/Qualification Number: _ _ _ _ _ _ _ _ _ _ _ ________

· ___ Physical
address address

· ___ Mailing

Telephone number

Loss Carryback
1. Enter the taxable year-end of the loss year (enter as mm/dd/yyyy)............................ 2. Loss from TC-20, Schedule A, or Utah REIT return (enter as a positive value) ......... 3. Amount of loss on line 2 exceeding $1,000,000 ......................................................... If loss on line 2 is $1,000,000 or less, enter "0" 4. Loss available for carryback (subtract line 3 from line 2) ............................................

· · · · · ·

1 _____ / _____ / _ _ _ _ _ _ _ 2 ____________ _ _ . 00 _ _ _ 3 ____________ _ _ . 00 _ _ _ 4 ___________ __ _ _ . 00 _ _

3rd Prior Taxable Year
5. Enter the 3rd prior taxable year-end (enter as mm/dd/yyyy)....................................... 6. Utah taxable income from 3rd prior taxable year (enter only if gain) .......................... 7. Loss carryback amount (enter the lesser of line 4 or line 6) ....................................... 8. Adjusted taxable income (subtract line 7 from line 6 ­ not less than zero) ................. 9. Tax (multiply line 8 by .05, or minimum tax, whichever is greater) .............................. 10. Tax previously paid for 3rd prior taxable year.............................................................. 11. Refund for 3rd prior taxable year (subtract line 9 from line 10)............................... 12. Loss remaining (subtract line 7 from line 4) ................................................................ If line 12 is zero, skip lines 13 - 28 and go to line 29. 5 _____ / _____ / _ _ _ _ _ _ _ 6 ___________ __ _ _ . 00 _ _ 7 ___________ __ _ _ . 00 _ _ 8 ___________ __ _ _ . 00 _ _ 9 ___________ __ _ _ . 00 _ _

· ·

10 ___________ _ _ _ . 00 _ _ _ 11 ___________ __ _ _ . 00 _ _ 12 ___________ __ _ _ . 00 _ _

2nd Prior Taxable Year
13. Enter the 2nd prior taxable year-end (enter as mm/dd/yyyy)...................................... 14. Utah taxable income from 2nd prior taxable year (enter only if gain) ......................... 15. Loss carryback amount (enter the lesser of line 12 or line 14 .................................... 16. Adjusted taxable income (subtract line 15 from line 14 ­ not less than zero) ............. 17. Tax (multiply line 16 by .05, or minimum tax, whichever is greater ............................. 18. Tax previously paid for 2nd prior taxable year............................................................. 19. Refund for 2nd prior taxable year (subtract line 17 from line 18) ............................ 20. Loss remaining (subtract line 15 from line 12) ............................................................ If line 20 is zero, skip lines 21 - 28 and go to line 29. Continue on page 2

· · ·

13 _____ / _____ / _ _ _ _ _ _ _ 14 ___________ __ _ _ . 00 _ _ 15 ___________ __ _ _ . 00 _ _ 16 ___________ __ _ _ . 00 _ _ 17 ___________ __ _ _ . 00 _ _

· ·

18 ___________ __ _ _ . 00 _ _ 19 ___________ __ _ _ . 00 _ _ 20 ___________ __ _ _ . 00 _ _

20899

TC-20L -- continued
1st Prior Taxable Year
21. Enter the 1st prior taxable year-end (enter as mm/dd/yyyy) ....................................... 22. Utah taxable income from 1st prior taxable year (enter only if gain)........................... 23. Loss carryback amount (enter the lesser of line 20 or line 22) ................................... 24. Adjusted taxable income (subtract line 23 from line 22 ­ not less than zero) ............. 25. Tax (multiply line 24 by .05, or minimum tax, whichever is greater) ............................ 26. Tax previously paid for 1st prior taxable year.............................................................. 27. Refund for 1st prior taxable year (subtract line 25 from line 26) ............................. 28. Loss remaining (subtract line 23 from line 20) ............................................................

Page 2

· · ·

21 _____ / _____ / _ _ _ _ _ _ _ 22 ___________ __ _ _ . 00 _ _ 23 ___________ __ _ _ . 00 _ _ 24 ___________ __ _ _ . 00 _ _ 25 ___________ __ _ _ . 00 _ _

· ·

26 ____________ _ _ . 00 _ _ _ 27 ___________ __ _ _ . 00 _ _ 28 ___________ __ _ _ . 00 _ _

Carryforward
29. Enter loss exceeding $1,000,000 from line 3.............................................................. 30. Total loss to carryforward (add lines 28 and 29) ......................................................... 29 ____________ _ _ . 00 _ _ _ 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

Title

Date Date Preparer's phone no.

Check here if the Tax Commission may discuss this return with the preparer shown below Preparer's SSN or PTIN Preparer's EIN

Paid Preparer's Name of preparer's firm (or yourself, if self-employed) Section
Preparer's complete address (street, city, state, ZIP)

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

USTC USE ONLY

· ____

Clear form

TC-20L_i

12/08

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:

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, 2008 as 12/31/2008).

TC-20, Schedule A, or TC-20MC, Schedule A, Part 2, or TC-20REIT. 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.

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 .05 (5%). 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.

Line-by-Line Instructions
REIT Loss Carryback
Mark "X" at the top of the form if the loss carryback is from a Real Estate Investment Trust (REIT) return.

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, 2008 as 12/31/2008). 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, or TC-20REIT. 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.

Second Prior Taxable Year
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, 2008 as 12/31/2008).

20800

14. Taxable Income of Second Prior Taxable Year 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. 15. Loss Carryback Enter the lesser of line 12 (loss remaining) or line 14 (taxable income). 16. Adjusted Taxable Income Subtract line 15 (allowable loss carryback) from line 14 (taxable income). Do not enter an amount less than zero. 17. Tax Multiply line 16 (adjusted taxable income) by .05 (5%). 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.

25. Tax Multiply line 24 (adjusted taxable income) by .05 (5%). 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. 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. 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. 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.

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, 2008 as 12/31/2008). 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 Enter the lesser of line 20 (loss remaining) or line 22 (taxable income). 24. Adjusted Taxable Income Subtract line 23 (allowable loss carryback) from line 22 (taxable income). Do not enter an amount less than zero.

Where to File
Utah State Tax Commission 210 N 1950 W Salt Lake City, UT 84134-0300 Do NOT attach to your corporation return.

Questions
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