Look up: carryback


  1. Carryback
    (n) Carry back is the practice by which the loss incurred in a particular year is used to setoff the gain or profit of the previous years so as to reduce the tax burden of the previous years where there was a taxable profit.
    Found op http://www.legal-explanations.com/definitions/carryback.htm

  2. 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.
    Found op http://dictionary.law.com/Default.xhtml?selected=142

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