carryback

(redirected from Loss Carryovers)
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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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California law allows businesses, individuals, estates, trusts and exempt organization to use Net Operating Loss carryovers.
Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund's capital loss carryovers from prior years.
3 million (plus the amount of the decedent's unused capital loss carryovers, net operating loss carryovers and built-in losses) to increase certain assets' basis to their FMV at death (basis increase) (see "Estate Tax or Carryover Basis?
Some banks will benefit from the tax cut outright this year, since they don't have deferred tax assets arising from loss carryovers.
If no order is specified, a default rule provides the following order of reduction: capital loss carryovers (oldest to newest); NOL carrryovers (oldest to newest); and deferred deductions (proportionately).
As a result of net operating loss carryovers, it is expected that a substantial portion of the annual dividend will be a non-taxable distribution.
Capital loss carryovers are not allowed when configuring the AMT, so you would have to pay tax on this.
In 1999, the IRS released final regulations providing relief where both the separate return limitation year (SRLY) rules and section 382 apply to limit the use of net operating or capital loss carryovers.
The plot thickened when Moinian, who was in love with the deal, agreed to their Fortune Counter's scheme to transfer the Biltmore into another family company that had loss carryovers, thereby balancing out the audience gains.
This article reviews the tax consequences to the owner of a second home, with special attention being paid to the loss carryovers.
Additional increases also may be available for a decedent's unused capital loss and net operating loss carryovers and certain built-in losses.
Alternatively, if the taxpayer has net operating loss carryovers, recognizing ordinary income can help absorb these losses.