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While a refund should be forthcoming within 90 days after the Form 1139 is filed, the corporation could instead extend the payment period by filing Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback.
Form 1138 must be filed after the start of the tax year of the expected NOL but before the tax liability for the preceding year must be paid (that is, March 15 for a calendar-year corporation).
Reduce estimated taxes: You can defer payments of 2007 estimated taxes by filing Form 1138.
6164, a corporation can use Form 1138, Extension of Time for Payment of Taxes by a Corporation, to carry back an expected current-year NOL to the tax year immediately preceding the current year, to extend the time it has to pay tax.
If, after filing Form 1138, the expected NOL changes, the corporation can file a revised Form 1138.
If a taxpayer does not file Form 1138 by March 15, 2002, the $150,000 is a required payment.
Further, if XYZ were a large corporation, it would not be eligible to file Form 1138 unless it annualized income.