carryback

(redirected from Loss Carrybacks)
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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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The attempted repeal of the net operating loss carrybacks, AB 2408 (Skinner).
Companies also can accelerate adjustments due to anticipated tax loss carrybacks.
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.
2 million from net operating loss carrybacks and the net loss in the third quarter of 2003 included charges for fixed asset impairment and restructuring of $1.
172, which allows a deduction for the tax year of "an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss carrybacks to such year.
The Administration's budget proposal extends the temporary waiver of the AMTI limitation on net operating loss carrybacks to those originating in taxable years ending in 2003, 2004, and 2005, as well as for NOLs carried forward into those years.
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.
One week later, Congress passed a bill, which President Bush is expected to sign, that provides greater net operating loss carrybacks for hurricane-affected businesses and that could provide cash refunds to offset a portion of storm restoration costs.
2 million income tax benefit due to refunds from net operating loss carrybacks accrued in the quarter.
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.
2 million in income tax refunds related to net operating loss carrybacks.
179 deduction, net operating loss carrybacks or carryforwards and the Sec.