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 $3.5 million loss to eliminate its regular taxable income for 2011 and 2012, with nothing remaining as a carryforward.
This form is used when you anticipate a loss in your current tax year and expect to carry back that loss to a preceding year.
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. Their deadline to make contributions for the 2004-5 tax year is April 5.
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.
On 9 March 2002, US President George W Bush signed an economic stimulus package allowing companies to "carry back" net operating losses incurred during 2001 and 2002 over the last five years.
On the other hand, carry back of contributions is still available, although the rules have been slightly changed.
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.(21) Newmarket involved a simple reincorporation in another State.
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.
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.