Meaning of carryback | Babel Free
Definitions
An income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.
Examples
“Current theft loss rules typically allow⟳ losses to be carried back three years and forward⟳ 20 years, but the I.R.S plan⟳ will allow⟳ carrybacks of as many as five years, generally if the loss is for a small business with gross annual receipts of less than $15 million.”
CEFR level
B2
Upper Intermediate
This word is part of the CEFR B2 vocabulary — upper intermediate level.
This word is part of the CEFR B2 vocabulary — upper intermediate level.
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