carry back

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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.
A IN fact you have until January 31 this year to use this valuable tax planning tool, after which the ability to carry back a pension contribution from this tax year to the previous one will be abolished.
Savers with old-style retirement annuity contracts (RACs) taken out before July 1988 have been given extra time to carry back.
In this case, you also have until October 31 to file a tentative carryback adjustment based on the five-year carry back, even if the 12-month period for filing such an application has expired.
Carry back and carry forward have been important pension planning tools, especially for the self-employed.
This is why a key provision in the proposed Economic Stimulus Package has been to repeal the AMT and allow companies with unused AMT credits to carry back these credits to offset tax liabilities they have paid under AMT.
A second approach is to adopt more generous carry back and carry forward rules.
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.