carryback

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

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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The first known use of carryback was in 1942

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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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