MLchartDataset catalogue

Carryback

Term · Law · MLC-T-LAW-000871

A tax rule that lets a taxpayer apply a current-year loss or credit against income or tax of an earlier year, which can produce a refund of tax already paid for that year. Carrybacks of net operating losses are now largely eliminated, apart from certain farming and insurance company losses, but general business credits carry back one year and corporate capital losses carry back three years.

Table 1. Record
IdentifierMLC-T-LAW-000871
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000871",
  "term": "Carryback",
  "field": "Law",
  "definition": "A tax rule that lets a taxpayer apply a current-year loss or credit against income or tax of an earlier year, which can produce a refund of tax already paid for that year. Carrybacks of net operating losses are now largely eliminated, apart from certain farming and insurance company losses, but general business credits carry back one year and corporate capital losses carry back three years.",
  "url": "https://mlchart.com/terminology/law/carryback/"
}

Record 678 of 5,439 in Law terminology (MLC-0107). Request the full dataset.