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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Reportable transactions must be disclosed on IRS Form 8886, as an attachment to the taxpayer's return for the year in which the transaction occurs (or any subsequent taxable years to which it extends), Disclosures also are required for previously undisclosed transactions that subsequently become "listed," and in connection with refund applications claiming a loss carryback generated by a reportable transaction.
So does extending the net operating loss carryback period from the current two years to five years.
Taxpayers can apply for a refund based on a loss carryback by either filing an amended return or filing an application for tentative refund on the appropriate forms.
Portions of the three states comprise the "Gulf Opportunity Zone" or "GO Zone," and are eligible for federal benefits such as bonus depreciation, tax-exempt financing and five-year net operating loss carryback.
Extending the capital loss carryback period to five years.
2452, the Net Operating Loss Carryback Act, sponsored by Representative Richard Neal, D-Mass.
While a refund should be forthcoming within 90 days after the Form 1139 is filed, the corporation could instead extend the payment period by filing Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback.
The Tax Court held that the deficiency at issue was "assessable under subsection (h) only to the extent that it is not based on items unrelated to the loss carryback for which the refund was initially granted.
Internal Revenue Service, which allowed a net operating loss carryback resulting in a tax refund of approximately $816 million, plus statutory interest.
today issued the following statement on the need to expand the current net operating loss carryback law:
Therefore, casualty or theft losses that an individual sustains after December 31, 2007, are considered losses from a "sole proprietorship," and the individual may elect either a three-, four-, or five-year net operating loss carryback for a loss that is an applicable 2008 operating loss, provided the $15 million gross receipts test is satisfied.