carry back


Also found in: Dictionary, Legal, Financial, Acronyms, Idioms, Wikipedia.
  • verb

Words related to carry back

deduct a loss or an unused credit from taxable income for a prior period

References in periodicals archive ?
Absent the application of the CERT rules, ABC would carry back the entire $3.
They can also still carry forward and in conjunction with carry back, this permits you to use up unused contributions from the previous seven years.
Carry back will allow you to spread the contribution over two tax years.
The laser dumps about 10 million times more energy into the plasma than the neutrons carry back out.
United States allowed the surviving corporation in a merger to carry back NOLs to offset the pre-merger income of the merged corporation.
Consideration of probable future income is one approach which would help reduce the problem of non-recognition of deferred tax assets when net deductible differences do not have taxable income or net taxable amounts to carry back or forward.
If the carry back provision remains in the bill the largest corporate homebuilders, who pushed subprime loans through their mortgage subsidiaries, will gain the most.
Example 2: The facts arc the same as in Example 1, except that X wishes to amend his 2009 return to carry back a 2011 NOL instead of claiming a deduction for educator expenses.
As taxpayers prepare refund claims to carry back their losses, it is important to consider the impact on the statute of limitation.
He said PIA will provide free suitcases to the pilgrims and they will be allowed to carry back 10-Litre Aab-e-Zamzam with them.
In some circumstances, where the maximum possible contributions have not been paid in the previous tax year, an individual can use the carry back and carry forward rules to make up for the 'missed' contributions.
The net profit includes a federal tax refund of $74,788 for the carry back of a capital loss realized in 2003.
During the next tax year, if you wanted to contribute the same 8% again and then later to pay another 12%, you could carry back the 12% contribution to the previous tax year.
2002-37 provided, as a term and condition for automatic approval, that a corporation generally cannot carry back a short-period net operating loss (NOL) or capital loss (CL)--the "Original Carryhack Term and Condition.
On the undercard, Bold World landed the Grade 3 Azalea Breeders' Cup Stakes for three-year-old fillies, while Royal Lad won the Carry Back Stakes under Bailey.