carryback

noun
car·​ry·​back | \ ˈker-ē-ˌbak , ˈka-rē-\

Definition of carryback

: a loss sustained or a portion of a credit not used in a given period that may be deducted from taxable income of a prior period

First Known Use of carryback

1942, in the meaning defined above

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Last Updated

14 Jan 2019

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The first known use of carryback was in 1942

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More Definitions for carryback

carryback

noun
car·​ry·​back | \ ˈkar-ē-ˌbak \

Legal Definition of carryback

: 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

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