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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.
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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.
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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.
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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.
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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.