Carryback

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Carryback

Carryback means:
a process by which the deductions or credits of one taxable year that cannot be used to reduce tax liability in that year are applied against a tax liability in an earlier year or years. Former IRC (check if this IRC provision is current here) §1212.

See also other Tax Terms and Definitions in U.S.A.

carryover.

CARRYBACK – See: Carryover.

Description and Definition of Carryback

Applying a deduction or credit from the current tax year to a prior tax year. A business net operating loss, general business credit, and foreign tax credit may be carried back. A capital loss may not be carried back. Amounts not carried back may be carried forward to later years.

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Further Reading

Related Entries in the American Tax Encyclopedia:

  1. Carryover
  2. Carryforward
  3. Loss Carryback
  4. Tax Loss Carryover
  5. Calendar Tax Year
  6. Carryover Basis
  7. Claim for Refund
  8. Tax Benefit Rule
  9. Replacement Period
  10. Foreign Expropriation Capital Loss
  11. Repayment
  12. Closing Agreement
  13. Percentage-of-completion Method
  14. Personal Liability
  15. Short Tax Year
  16. Current Earnings and Profits
  17. Passive Investment Income Penalty Tax
  18. Long-term Contract
  19. Unrecaptured Section 1250 Gain
  20. Capital Loss
  21. Excess Distribution
  22. Taxable Year
  23. Liability
  24. Bona Fide Foreign Resident
  25. Built-in Gain Tax

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