carry back

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carry back

vb
(Accounting & Book-keeping) (tr, adverb) to apply (a legally permitted credit, esp an operating loss) to the taxable income of previous years in order to ease the overall tax burden
n
(Accounting & Book-keeping) an amount carried back
ThesaurusAntonymsRelated WordsSynonymsLegend:
Verb1.carry back - deduct a loss or an unused credit from taxable income for a prior period
deduct, subtract, take off - make a subtraction; "subtract this amount from my paycheck"
Translations

w>carry back

vt sep (fig) personzurückversetzen (→ to in +acc)
References in periodicals archive ?
The general two-year carryback period is extended to five years.
An increase in the two-year carryback for net operating losses to five years will provide infusions of previously paid taxes for many troubled publishers, especially since it includes a waiver of the 90 percent limitation against the alternate minimum tax.
Extending the capital loss carryback period to five years.
A new provision allows businesses with less than $15 million in revenue to carryback their 2008 net operating loss for up to five years (previously, the carryback was limited to two years).
172(b)(1)(A) allows taxpayers to carry NOLs back 2 and forward 20 years, unless a taxpayer elects to waive the carryback period, in which case NOLs will only be carried forward.
Taxpayers with less than 500 acres of qualified timber property are eligible for an increased expensing limit for this property and a five-year (instead of two-year) net operating loss (NOD carryback.
As a result, the SRLY rules are the primary protection for the fisc against trafficking in carryback losses.
For instance, a three-year carryback applies to NOLs:
Under section 1062 of the House bill and section 872 of the Senate bill, the net operating loss carryover periods would be revised, decreasing the carryback period to 2 years while increasing the carryforward period to 20 years.
On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (1) (ARRA), which provided a five-year NOL carryback provision for eligible small business taxpayers with gross receipts averaging $15 million or less over a three-year period.
At first, the allowable NOL carryback percentage will vary.
If these companies incur a net operating loss (NOL) in 2013 or 2014, the corporate equity reduction transaction (CERT) rules could provide an unpleasant surprise and limit the carryback of NOLs.