Tax Loss Carryback
/ˈtæks lɒs ˈkæriˌbæk/
Definitions
- (n.) A tax provision allowing a taxpayer to apply a net operating loss to prior tax years to recover taxes previously paid.
The company utilized the tax loss carryback to claim a refund on its taxes paid in the prior two years.
Forms
- tax loss carryback
- tax loss carrybacks
Related terms
See also
Commentary
Tax loss carrybacks are often subject to time limits and specific regulatory conditions that vary by jurisdiction.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.