1138 Form

1138 Form: What You Should Know

Use the ‛Line Reference” to enter the amount of tax. Use the line Reference” to calculate the amount of capital loss. Form 1138 is also used to report the cost of certain capital assets. If: 1. A capital loss is reported, the cost is deducted by the corporation. 2. The corporation expects an amount of net operating loss carry-back or a capital gain, these will be reported too. The cost must be subtracted from the amount of cash on hand. How to Fill Out IRS Form 1138 (Rev. November 2018) Include the Required Information Fill in as much information as possible on the form with a computer. The following is a guide to filling out IRS Form 1138 using a computer for the most accurate results.  1. Information about the corporation or its properties included in the carry back computation for the current year. a. What is the name of the entity? 2. Where is the entity located? 3. How and when did the entity begin business? 4. What is the name of the person who formed the entity? 5. Who is the agent for the entity? 7. The name of the corporation, what does it do for the corporation? 8. What is the address, telephone number, and website of the corporation?  b. The type of business, what services do the business do? c. The corporation's balance sheet. What are the current assets and liabilities? d. The date the corporation changed its name. (Do not fill in the date the corporation changed its name.) e. The corporation's assets, liabilities, and income. f. The gross revenue of the corporation, how much did the corporation earn in the previous fiscal year? G. The amount of the corporation's income, who is the taxpayer, and what is its taxable income? 5. How are the corporation's assets and liabilities described in Section III?   6. What are the corporation's assets and liabilities described in subsection IV? 7. How are the corporation's assets and liabilities described in subsection V? 8. Who are the corporation's shareholders? 10. What is the corporation's net worth? How much is its cash on hand? Where does the corporation find the cash? 11. How are the corporation's assets and liabilities described in subsections VI, VIII, IX, and X? Form 1138. (Rev. November 2018).

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