carryover

carryover
car·ry·over /'kar-ē-ˌō-vər/ n: the portion of a 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 later period compare carryback

Merriam-Webster’s Dictionary of Law. . 1996.

carryover
n.
A deduction or credit from one year to the tax liability of a future year.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


carryover
A method by which deductions and credits for one tax year that could not be used to reduce tax liability in that year are applied against tax liability in subsequent years. (See also: carryback)
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.
Category: Personal Finance & Retirement → Money & Taxes for Retirees
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.


carryover
n. The part of an income tax credit or deduction that cannot be entirely claimed in a given tax year, but that a person may apply against (and thereby reduce) their tax liability for a subsequent year.
See also carryback.

Webster's New World Law Dictionary. . 2000.

carryover
n.
   in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability.
   See also: carryback

Law dictionary. . 2013.

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