carryback

(redirected from Loss Carry-Backs)
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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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Gross deferred tax assets are admitted to an amount equal to the sum of federal income taxes paid in prior years that can be recovered through loss carry-backs for existing temporary differences that reverse by the end of the subsequent calendar year, and the amount of gross deferred tax assets expected to be realized with one year of the balance sheet date, or 10% of statutory capital.
The airline, which filed for bankruptcy on 9 December, included the expected recovery from tax overpayments plus interest and net operating loss carry-backs as key assets to help fund its restructuring.
Federal income taxes paid in prior years recoverable through loss carry-backs for existing temporary differences that reverse by the end of the subsequent calendar year.