carryback

(redirected from Net Operating Loss 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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All the news isn't good: Net operating loss carryback provisions have been eliminated.
A corporation that expects a net operating loss in the 2016 taxable year can file form FTB 3593, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback, to extend the time for payment of tax for the 2015 taxable year.
i]f the claim for credit or refund relates to an overpayment attributable to a net operating loss carryback or a capital loss carryback, in lieu of the 3-year period of limitation prescribed in subsection (a), the period shall be that period which ends 3 years after the time prescribed by law for filing the return (including extensions thereof) for the taxable year of the net operating loss or net capital loss which results in such carryback, or the period prescribed in subsection (c) in respect of such taxable year, whichever expires later.
Lengthen the Net Operating Loss Carryback Period to Five Years
So does extending the net operating loss carryback period from the current two years to five years.
280H(e), a net operating loss carryback is not allowed while a Sec.
Enlarges the net operating loss carryback period from two years to five and waives alternative minimum tax depreciation.
164(f) deduction for one-half of self-employment taxes, and any net operating loss carryback or carryforward.
received a tentative allowance (without interest) for 1996 stemming from a 2001 net operating loss carryback.

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