carryback

(redirected from Net Operating Loss 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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i]f the claim for credit or refund relates to an overpayment attributable to a net operating loss carryback or a capital loss carryback, in lieu of the 3-year period of limitation prescribed in subsection (a), the period shall be that period which ends 3 years after the time prescribed by law for filing the return (including extensions thereof) for the taxable year of the net operating loss or net capital loss which results in such carryback, or the period prescribed in subsection (c) in respect of such taxable year, whichever expires later.
tax law change increasing the net operating loss carryback period to five years because the Company believes that it is useful to investors to eliminate the effect of these unusual items in order to improve the comparability of the Company's results for the periods presented.
Lengthen the Net Operating Loss Carryback Period to Five Years
So does extending the net operating loss carryback period from the current two years to five years.
9 million in tax benefits associated with additional fiscal year 2009 net operating loss carryback due to recent tax law changes; however, no tax benefits have been recorded on first quarter fiscal 2010 pre-tax losses which are not immediately subject to refund.
today confirmed the receipt of $235 million in the form of a tax refund resulting from its net operating loss carryback for federal income taxes.
280H(e), a net operating loss carryback is not allowed while a Sec.
Enlarges the net operating loss carryback period from two years to five and waives alternative minimum tax depreciation.
2452, the Net Operating Loss Carryback Act, sponsored by Representative Richard Neal, D-Mass.
received a tentative allowance (without interest) for 1996 stemming from a 2001 net operating loss carryback.
179 deduction, any net operating loss carryback or carryforward and the deduction for one-half of self-employment tax.

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