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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Under the current investment adjustment rules (ignoring de facto liquidation issues to make the point) the basis of the S stock would be decreased by $100 for the deficit in earnings and profits and increased by $100 to reflect the $100 loss carryover.
It also works well when (1) the taxpayer has assets with little or no appreciation that would cause a tax to be due or (2) the taxpayer can offset the gain generated from an election with a capital loss carryover, a current or past unallowable passive activity loss (PAL) or a net operating loss (NOL) carryover.
The amendments also clarify the S corporation loss carryover provisions under Illinois Income Tax Act (IITA) Section 207.
On his 1993 and 1994 returns, G claimed a deduction for accrued interest relating to the note and a net operating loss carryover.
The decedent cannot transfer a capital loss carryover to the estate because the decedent and estate are separate tax entities.
It's a capital loss carryover, which Carl can use in the future.
NJEDA's Technology Business Tax Certificate Transfer programme enables approved Technology and Biotechnology businesses with net operating losses to sell their unused Net Operating Loss Carryover (NOL) and unused Research and Development Tax Credits (R&D Tax Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that is not an affiliated business to turn their tax losses and credits into cash to buy equipment or facilities, or for other allowable expenditures.
This addback will, in many cases, effectively increase the capital loss carryover (as compared to a non-NOL year) because the $3,000 loss was not "used"; see Sec.
On that basis, Williams took the position that if the bankruptcy's taxable year started on December 3, 1990, the estate should not be entitled to succeed to any loss carryovers generated during the year in which the petitioner filed for bankruptcy, because there was not any net operating loss carryover as of January 1, 1990.
Traubenberg added that, although the statute is clear that the section 199 manufacturing deduction cannot create or increase an operating loss, the effect of a loss carryover (or carryback) on the manufacturing deduction for a particular year is uncertain.
ABSTRACT: This paper examines the effects of a tax loss carryover on the market and book values of a firm's assets.