carryback

(redirected from Loss Carry-Back)
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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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Net income in the three months ended March 31, 2002 was primarily a result of an income tax benefit of $3,651,000 in the period, resulting from temporary changes in certain tax laws, including an increase in a net operating loss carry-back period from two to five years.
For Americans who have waited for action on the housing crisis - only to see handouts and bailouts for corporations - it is particularly encouraging that despite heavy lobbying from corporate homebuilders, Congress rejected a $25 billion taxpayer handout in the form of a net operating loss carry-back provision.
6 million income tax benefit which results from an estimate of taxable loss that is expected to be monetized through the utilization of a net operating loss carry-back claim.
Under SSAP 10R, the admissibility test is increased from 10% to 15% of adjusted surplus, and the admissibility test increases the loss carry-back allowance from one year to three.
The extension of the loss carry-back rules will help some smaller companies.
Income tax expense for the fourth quarter of 2003 included a $2,157,000 reduction to reflect the partial utilization of a capital loss carry-back.
In the year ended June 30, 2003, earnings from discontinued operations of $277,000 included a tax capital loss carry-back on the disposal of the Company's former Housewares segment.
The Company's net profit for the first quarter of 2002 included reported tax benefits of $1,894,000, resulting from Larscom's accounting for the tax loss carry-back provisions of the Job Creation and Worker's Assistance Act of 2002.
However, the Company expects to receive a tax refund during the current fiscal year of approximately $16 million as a result of recent tax law changes increasing the net operating loss carry-back period from two to five years.
The income tax benefit was attributable to a $17 million credit recorded as a result of recent tax law changes increasing the net operating loss carry-back period to 5 years, partially offset by $5 million of tax expense related primarily to earnings from the Company's Canadian operations.
89 per share, primarily related to the recognition of a tax net operating loss carry-back realized through a change in tax laws, which increased the number of historical years that companies can carry-back losses.
Other provisions allow for a five-year net operating loss carry-back, and income tax protections for producers who receive market transition payments.