tax loss carryback — tax loss carryback, carryforward A provision in the Internal Revenue Code which allows an individual or corporation to apply current year losses against prior or subsequent year income to reduce their tax liability … Black's law dictionary
tax loss carryback, carryforward — A provision in the Internal Revenue Code which allows an individual or corporation to apply current year losses against prior or subsequent year income to reduce their tax liability … Black's law dictionary
carryback — car·ry·back / kar ē ˌbak/ n: the portion of an income tax deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a prior period compare carryover Merriam … Law dictionary
carryback — car‧ry‧back [ˈkæribæk] noun [countable, uncountable] ACCOUNTING TAX when an amount of money earned or spent in a particular year is included in the accounts for an earlier year: • A carryback was introduced for BES investors, enabling them to… … Financial and business terms
loss — n 1: physical, emotional, or esp. economic harm or damage sustained: as a: decrease in value, capital, or amount compare gain b: an amount by which the cost of something (as goods or services) exceeds the selling price compare … Law dictionary
tax loss carryback, carryforward — A tax benefit that allows business losses to be used to reduce tax liability in previous and or following years. Bloomberg Financial Dictionary … Financial and business terms
carryback — noun Date: 1942 a loss sustained or a portion of a credit not used in a given period that may be deducted from taxable income of a prior period … New Collegiate Dictionary
carryback — /kar ee bak /, n. (in U.S. income tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden. Cf. carryforward (def.… … Universalium
carryback — noun A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively … Wiktionary
carryback — An income tax law term for applying a net operating loss for one year in the recomputation of tax for an earlier year. 9 ALR2d 352, Later Case Service … Ballentine's law dictionary
