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
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First Known Use of carryback
1942
Law Dictionary
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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