Definition of Carryback

1. Noun. (accounting taxation) A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively. ¹

¹ Source:

Definition of Carryback

1. [n -S]

Lexicographical Neighbors of Carryback

carry oneself
carry out
carry over
carry someone's water
carry the bat
carry the can
carry the message to Garcia
carry through
carry to term
carry water for
carry weight
carryback (current term)
carrying a torch for
carrying angle
carrying capacity
carrying charge
carrying cost
carrying into action

Literary usage of Carryback

Below you will find example usage of this term as found in modern and/or classical literature:

1. General Explanation of Tax Legislation Enacted in 1998: Report of the Joint edited by William Roth, Bill Archer (2000)
"Under prior law, other than the three-year carryback period for NOLs attributable to Presidentially declared disaster areas, there were no special carryback ..."

2. International Tax Issues Relating to Globalization: Hearing Before the edited by William V. Roth, Jr. (1999)
"The carryback and carryover of FTCs helps insure that foreign taxes will be ... Thus, shortening the carryback period and increasing the carryforward period ..."

3. Vision for a New IRS: Report of the National Commission on Restructuring the Bob Kerry by Bob Kerry (1998)
"Tentative carryback adjustments for foreign tax credits The proposal would extend the application of section 6411 of the Internal Revenue Code, which allows ..."

4. Tax Administration: Irss Abatement of Assessments in Fiscal Years 1995-98 by Rodney F. Hobbs, Elizabeth W. Scullin (1999)
"... Abatement of prior tax assessment—non- Examination Abatement of prior tax assessment—Examination Abatements due net operating loss carryback Total Total ..."

5. Tax Administration: Factors Affecting Results from Audits of Large Corporations by Thomas D. Short (1998)
"If there was an NOL or credit carryback to your primary tax year audited, how was the carryback brought to your attention? (CHECK ALL THAT APPLY. ..."

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