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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Over 110,000 Australian companies are closer to benefitting from new tax breaks after legislation for a loss carry-back initiative passed the House of Representatives last night, despite the Coalition refusing to support it.
The tax provisions in the measure include the exclusion of income from agricultural real estate and mortgage loans from taxable income and extend the five-year net operating loss carry-back provision through 2011 for community banks with $15 billion or less in assets.
Small business was not forgotten and North East businesses will welcome the decision to extend the three-year loss carry-back scheme - this is of real benefit to small businesses.
The headliner was a change in the net operating loss carry-back period.
The bill offers a loss carry-back provision that would allow money-losing companies to claim tax credits on past profits dating back five years instead of two
Specifically, these provisions affected the tax liabilities of sole proprietorships, partnerships, and S corporations by the addition of a first-year depreciation deduction on qualified property, by the extension of the "general net operating loss carry-back deduction" from 2 years to 5 years, and by retroactive tax benefits for the area of New York City that was damaged by the terrorist attacks of September 11th, 2001.
The Senate bill also expands the ability of companies to apply 2003 losses to prior tax years by increasing the net operating loss carry-back period from two to five years.
Net Operating Loss Carry-Back--Extend the five-year net operating loss carry-back for three years (2003 through 2005) and hold taxpayers harmless for AMT.
The tax provisions in the measure include the exclusion of income from agricultural real estate and mortgage loans from taxable income and extend and extend the five-year net operating loss carry-back provision through 2011 for community banks with $15 billion or less in assets.
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.
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.