Carry-Back

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Carry-Back

The name given to the method provided under federal tax law that allows a taxpayer to apply net operating losses incurred during one year to the recomputation of Income Tax owed to the government for three preceding taxable years.

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Completed the sale of two real estate properties and an easement for net proceeds of $1,821,000 and gain on sale of $292,000 and recognized an additional $2,951,000 in deferred gain under the installment method due to full and partial repayments received on carryback loans related to three real estate properties that had been sold in 2012 and 2013 (total gains of $3,243,000)