carryback

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carryback

n. in taxation accounting, using a current tax year's deductions, business losses or credits to refigure and amend a previously filed tax return to reduce the tax liability. (See: carryover)

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6214(b) explicitly gave the Tax Court authority to ad dress NOL carrybacks from other years in determining the correct deficiency for the years at issue.
Positive adjustments include capital loss carryovers and carrybacks, the net operating loss deduction, and the dividends-received deduction.
Quickie" Refunds Attributable to FTC Carrybacks: Section 6411 should be amended to treat foreign tax credit carrybacks in the same manner as other loss and credit carrybacks for purposes of the "quickie" refund procedures.
617),Jay Starkman suggested a tax planning technique using net operating loss carrybacks and carryforwards and cautioned that there is no benefit to a personal service corporation in making a Sec.
All States have some mechanism for limiting carryforwards and carrybacks to NOLs attributable to the State.
Observation: Normally, the tax law restricts net operating loss carrybacks generated by interest expense allocable to a corporate equity reduction transaction (CERT), in which one corporation acquires at least 50% of another's stock.
Additionally, insurance agents and brokers can create customized queries using the Mortgage Leads search to target loans made by a specific lender, all lenders within a particular county, seller carrybacks, and individual hard money lenders.
Apart from the treatment of taxpayers with NOL carryovers and carrybacks, the statute and proposed regulations under Sec.
In the case of loss or credit carrybacks, however, only the loss or excess credit year need be open.
Like carrybacks, offsetting the reversal of existing deductible temporary differences against the reversal of taxable temporary differences requires knowing the pattern and timing of the reversal.
170A-10(d)(1)-(3) for a detailed explanation, including examples on the effect of NOL carrybacks and carryovers on charitable contributions.
96 also became a source of controversy because of its complexity and stringent tax asset provisions permitting recognition of deferred tax benefits only to the extent loss carrybacks would result in a refund of taxes previously paid.