carry back

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

References in periodicals archive ?
Carryback is a primary source of spillage that can build up over time causing belt idlers and pulleys to wear and in a worst scenario could become a fire hazard.
Optional tungsten carbide or stainless steel tips increase the effectiveness and durability of the blade against difficult or rocky carryback.
The payment that can be postponed cannot exceed the expected overpayment from the carryback of the NOL.
One of the earlier cases to address how the statute of limitation applies in a similar situation, adjustment of a carryback NOL involving a closed tax year, is Phoenix Coal Co.
However, the IRS counters that 2010 had an unusually high number of NOL carrybacks because of a longer carryback period temporarily allowed by the American Recovery and Reinvestment Act, P.
Assume that John does not elect to waive the carryback for the loss arising in 2010.
This carryback provision offers small businesses that lost money in 2008 a way to quickly get some much needed cash if they were profitable in previous years.
For 2008 (not 2009), ARRA gives qualifying taxpayers the choice of carryback up to five years for small businesses with gross receipts of $15 million or less, making the potential cash infusion even more powerful.
Lengthen the carryback period for general business tax credits to five years and temporarily permit 100 percent of a taxpayer's net income tax liability to be offset by the general business credit.
Extending the carryback period "provides financial support for (corporate) taxpayers who are experiencing large losses," said Leslie Samuels, an assistant Treasury secretary for tax policy in the Clinton administration, now a partner at the law firm Cleary Gottlieb Steen & Hamilton in New York.
Extending the capital loss carryback period to five years.
The general two-year carryback period is extended to five years.
The Job Creation and Worker Assistance Act of 2002 (Act) extended this carryback period to five years, creating a tax planning opportunity that may allow you to get an even larger refund.
An increase in the two-year carryback for net operating losses to five years will provide infusions of previously paid taxes for many troubled publishers, especially since it includes a waiver of the 90 percent limitation against the alternate minimum tax.
So does extending the net operating loss carryback period from the current two years to five years.