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regard to such carryback. See sec. 1.172-1(d), Income Tax Regs.
When the taxpayer ascertains the NOL carryback, he may within the
applicable period of limitations file a claim for refund of the
overpayment, if any, resulting from the failure originally to
compute the NOL deduction for the taxable year with the inclusion
of the carryback. Id.
Section 301.6402-2(b)(1), Proced. & Admin Regs., sets forth
the following general requirements concerning the contents of a
claim for refund:
(b) Grounds set forth in claim. (1) No refund or
credit will be allowed after the expiration of the
statutory period of limitation applicable to the filing
of a claim therefor except upon one or more of the
grounds set forth in a claim filed before the
expiration of such period. The claim must set forth in
detail each ground upon which a credit or refund is
claimed and facts sufficient to apprise the
Commissioner of the exact basis thereof. * * *
An individual makes a claim for refund of an overpayment of
income taxes for a taxable year on a Form 1040X, Amended U.S.
Individual Income Tax Return (Form 1040X). See sec. 301.6402-
3(a)(2), Proced. & Admin. Regs. Alternatively, the taxpayer may
file an application under the provisions of section 6411 for a
tentative carryback adjustment attributable to an NOL. Sec.
1.172-1(d), Income Tax Regs. A tentative carryback adjustment
can result in a refund’s being paid within 90 days. Sec.
6411(b).
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Last modified: May 25, 2011