Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun accounting, taxation A
income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.
Etymologies
from Wiktionary, Creative Commons Attribution/Share-Alike License
Support
Help support Wordnik (and make this page ad-free) by adopting the word carryback.
Examples
-
Businesses with gross receipts of as much as $15 million will be permitted to apply current operating losses to tax bills going back five years, a provision known as a carryback that effectively offsets past tax liabilities.
-
And then there's conservative economist Martin Feldstein who calls the carryback loss provision "primarily lump-sum payments to selected companies."
-
And then there's conservative economist Martin Feldstein who calls the carryback loss provision "primarily lump-sum payments to selected companies."
-
For businesses and entrepreneurs, they'd allow businesses to either fully deduct the cost of their new assets from their tax returns; they'd cut the top corporate tax rate bracket by ten percentage points; end the capital gains tax on inflation; extend the "carryback" period for operating losses to seven years.
Dad29 2009
-
Even if they are the very same kind of tax cuts (e.g., bonus depreciation, loss carryback provisions, etc.)
-
A refund of prior year taxes due to the carryback of current year losses can be enough to allow this small business to stay in business and keep its employees working.
-
But not if the tax break is a refundable credit, or has carryforward or carryback features like, say, the capital loss deduction.
The Volokh Conspiracy » Pretending that no law professors question Obamacare 2010
-
The legislation extends the carryback for five years for all forms of businesses (including sole proprietorships, partnerships and non-publicly traded corporations) with $50 million or less in average gross receipts for the prior three years.
-
For 2009, small businesses (defined as having average annual gross receipts of $15 million or less in the three years ending with the year of the net operating loss) can again use the longer carryback period (if they still have income in the carryback years to offset); larger businesses must choose whether to use the longer carryback period for their 2008 or 2009 NOLs.
Good Year, Bad Year: There's Tax Breaks Either Way Barbara Weltman 2010
-
And a business that's entitled to take a carryback might opt instead to carry the loss forward, particularly if it expects to be taxed at higher rates (because of profitability or increased tax rates) in years ahead.
Good Year, Bad Year: There's Tax Breaks Either Way Barbara Weltman 2010
Comments
Log in or sign up to get involved in the conversation. It's quick and easy.