tax loss


Also found in: Financial.
Related to tax loss: tax loss carryforward

tax loss

n
(Accounting & Book-keeping) a loss sustained by a company that can be set against future profits for tax purposes
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The Financial Services Development Council (FSDC) today (September 11) released a report entitled "A Proposal for the Introduction of Group Tax Loss Relief in Hong Kong".
The court held that minor errors in the indictment and in the way the lower court estimated the total tax loss were harmless.
Specifically, TEI believes the Canadian system for tax loss utilization within corporate groups is far too restrictive, subject to significant administrative uncertainty, and imposes unnecessary costs on taxpayers seeking to avail themselves of CRA's administrative concessions.
Uninsured disaster victims can use the Federal Emergency Management Agency appraisal of their loss to document their tax loss, a code section that was enacted after the Northridge earthquakes of 1994 [Sec.
That gave him a $3,000 tax loss for the year and a $7,000 capital loss to carry forward, as well as cash in his pocket from selling those stocks.
Although the Internal Revenue Service rejected the tax loss claims, until recently the agency had been rebuffed in the courts, which concluded the exchanges resulted in realized losses--because the exchanged mortgages were materially different--and the realized losses were deductible because the statutory "wash sale" rules did not apply to mortgages.
To be globally competitive, Canada should implement a formal Loss-Transfer System or otherwise provide for group tax loss relief.
The Company's federal tax loss carryforwards are expected to shelter part of the forecast profits for 2007.
Indeed, the Government must consider all aspects of the tax system as a whole and, in respect of tax loss utilization for corporate groups, TEI regrets the Canadian system is too restrictive and subject to considerable administrative uncertainty.
TEl noted that a formal tax loss-transfer--or group tax loss relief--mechanism has been a matter of debate in Canada since the government eliminated the previous system in 1952.
A formal tax loss-transfer mechanism--or group tax loss relief--has been a matter of discussion in Canada for many years.
As described in detail in the proxy statement/prospectus first mailed to stockholders on or about May 31, 2005, the common stock of Aether Holdings carries the same rights and obligations as common stock of Aether Systems, except that the Aether Holdings common stock is subject to certain transfer restrictions intended to help protect the long-term value of Aether's tax loss carryforwards.