tax loss carryback, carryforward

tax loss carryback, carryforward
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. . 1990.

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Look at other dictionaries:

  • 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

  • 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 carryforward — 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 — /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 — /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.… …   Useful english dictionary

  • carryforward — /kar ee fawr weuhrd/, n. 1. carry over. 2. (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 subsequent years, chiefly in order to ease the tax burden …   Universalium

  • carryforward — /kar ee fawr weuhrd/, n. 1. carry over. 2. (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 subsequent years, chiefly in order to ease the tax burden …   Useful english dictionary

  • Net operating loss — Under U.S. Federal income tax law, a net operating loss (NOL) occurs when certain tax deductible expenses exceed taxable revenues for a taxable year.[1] If a taxpayer is taxed during profitable periods without receiving any tax relief (e.g. a… …   Wikipedia

  • Alternative Tax Net Operating Loss - ATNOL — The excess of deductions allowed over the income recognized for alternative minimum tax (AMT) purposes. It is calculated the same way that net operating losses (NOL) are, but with additional rules covering deductions, exclusions and preferences… …   Investment dictionary

  • net operating loss carryforwards — (NOL carryforwards) USA net operating losses (NOLs) can generally be carried back two years and carried forward up to 20 years to offset taxable income (IRC § 172). A taxpayer can make an election to waive the carryback period and use …   Law dictionary

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