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carryback |
Also found in: Financial, Wikipedia | 0.07 sec. |
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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) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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6511(d)(2)(A), a claim for credit or refund based on an NOL carryback must be filed within three years of the return's due date (without extensions) for the loss year. Extending the capital loss carryback period to five years. Enlarges the net operating loss carryback period from two years to five and waives alternative minimum tax depreciation. |
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