car·ry·back /'kar-ē-ˌbak/ n: the portion of an income tax deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a prior period compare carryover
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
n.In taxation, the process of applying a deduction or credit from one year to the tax liability of a previous year.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
A method for receiving a refund of back taxes by applying a deduction or credit from a current year to a prior year. (See also: carryover)Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.Category: Personal Finance & Retirement → Money & Taxes for RetireesCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
n. The part of an income tax credit or deduction, such as a net operating loss, that cannot be entirely claimed in a given tax year, but that a person may apply against (and thereby reduce) his tax liability for a previous year.See also carryover.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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 also: carryover
Law dictionary. EdwART. 2013.
Look at other dictionaries:
carryback — car‧ry‧back [ˈkæribæk] noun [countable, uncountable] ACCOUNTING TAX when an amount of money earned or spent in a particular year is included in the accounts for an earlier year: • A carryback was introduced for BES investors, enabling them to… … Financial and business terms
carryback — noun Date: 1942 a loss sustained or a portion of a credit not used in a given period that may be deducted from taxable income of a prior period … New Collegiate Dictionary
carryback — /kar ee bak /, n. (in U.S. income tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden. Cf. carryforward (def.… … Universalium
carryback — noun A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively … Wiktionary
carryback — (B) he carrybackied the books back to her … Combinatory dictionary
carryback — n. (taxation accounting) sum of money that is transferred to the accounts for the preceding year … English contemporary dictionary
carryback — In accounting, the use of a current tax year s deductions, business losses or credits to amend a previously filed tax return so as to reduce the tax liability. Compare carryover … Business law dictionary
carryback — An income tax law term for applying a net operating loss for one year in the recomputation of tax for an earlier year. 9 ALR2d 352, Later Case Service … Ballentine's law dictionary
carryback — /kar ee bak /, n. (in U.S. income tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden. Cf. carryforward (def.… … Useful english dictionary
Carryback loan — A carryback loan, also known as a seller carryback or seller s second, is a loan which is financed by the seller of a property. Normally this aids in the completion of the sale of the property. It could also refer to the part of the purchase… … Wikipedia