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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The prior year income includes a $720,000 net benefit arising out of a tax loss carryback claim and income of $557,000 related to the discontinued operations of The Strouse, Adler Company.
Companies also can accelerate adjustments due to anticipated tax loss carrybacks.
11 per share, before any special income tax adjustments that might become necessary due to changes in the tax law as it relates to tax loss carrybacks.
As reported earlier, the bonds were sold to recover tax loss carrybacks that otherwise would have expired and to increase future income from the portfolio.
In addition, Sun shareholders will be eligible to receive the net proceeds from expected tax refunds for income taxes paid by Sun during fiscal years 1994-1996, resulting from tax loss carrybacks generated by the merger transaction.
3 /PRNewswire/ -- Stewart Information Services Corporation announced today that year-end transactions involving its investment portfolio will reduce 1994 fourth quarter earnings by approximately $800,000, or 14 cents per share, while allowing the company to recover certain tax loss carrybacks and increase future income from its portfolio.
The company has used up its tax loss carrybacks in Germany.