carryback

(redirected from Loss Carrybacks)
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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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A: Both bills eliminate net operating loss carrybacks.
The attempted repeal of the net operating loss carrybacks, AB 2408 (Skinner).
Companies also can accelerate adjustments due to anticipated tax loss carrybacks.
In other words, net operating loss carrybacks and carryovers must be applied against income of the estate before any administrative expense loss carrybacks or carryovers.
617),Jay Starkman suggested a tax planning technique using net operating loss carrybacks and carryforwards and cautioned that there is no benefit to a personal service corporation in making a Sec.
The Administration's budget proposal extends the temporary waiver of the AMTI limitation on net operating loss carrybacks to those originating in taxable years ending in 2003, 2004, and 2005, as well as for NOLs carried forward into those years.
Observation: Normally, the tax law restricts net operating loss carrybacks generated by interest expense allocable to a corporate equity reduction transaction (CERT), in which one corporation acquires at least 50% of another's stock.
172, which allows a deduction for the tax year of "an amount equal to the aggregate of (1) the net operating loss carryovers to such year, plus (2) the net operating loss carrybacks to such year.
96 also became a source of controversy because of its complexity and stringent tax asset provisions permitting recognition of deferred tax benefits only to the extent loss carrybacks would result in a refund of taxes previously paid.