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carryback

   Also found in: Dictionary/thesaurus, Medical, Financial, Encyclopedia, Wikipedia 0.03 sec.

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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6511(d)(2)(B) (i), which allows a refund attributable to an NOL carryback notwithstanding "the operation of any .
The IRS issued a clarifying revenue procedure because many taxpayers had inadvertently submitted invalid elections to claim a three-, four- or five-year carryback for 2008 NOLs (Revenue Procedure 2009-26, 2009-19 IRB 935).
13, the Internal Revenue Service (IRS) released a statement to remind business owners that the fall filing deadline to take advantage of the expanded business loss carryback option is getting close.
 
 
 
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