carryback

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

Definition of carryback

  1. :  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


Law Dictionary

carryback

play
noun car·ry·back \ˈkar-ē-ˌbak\

Legal Definition of carryback

  1. :  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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