Summary of Changes for 2008

Major Changes to the Form 1139 Instructions
We inserted a reference to the 5-year carryback of 2008 net operating losses for eligible
small businesses. Sec. 1211 of P.L. 111-5.
We also inserted references to 5-year carryback periods for the portion of the NOL that
is:
• A qualified disaster loss attributable to a disaster that is in an area declared by the
President to be eligible for federal disaster assistance (sec. 708 of P.L. 110-343);
• A qualified recovery assistance loss attributable to losses in the Kansas disaster
area (sec. 15345 of P.L. 110-234), or
• A qualified disaster recovery assistance loss attributable to losses in the
Midwestern disaster areas (sec. 702 of P.L. 110-343).
We clarified that the 90 percent limit on the alternative minimum tax net operating loss
deduction (ATNOLD) does not apply to that portion of the ATNOLD that is attributable
to a qualified disaster loss, a qualified recovery assistance loss, and a qualified disaster
recovery loss.
We clarified that the portion of qualified GO Zone losses does not include certain
deductions. We explained that it applies to qualified GO Zone nonresidential real
property and residential rental property placed in service during the tax year and before
2009 and specified GO Zone extension property placed in service during the tax year and
generally before 2011. Sec. 1400N(d)(2) and (6).