carryback
[ kar-ee-bak ]
/ ˈkær iˌbæk /
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noun
(in U.S. income-tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden.Compare carry·forward (def. 2).
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QUIZ YOURSELF ON "WAS" VS. "WERE"!
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“Was” is used for the indicative past tense of “to be,” and “were” is only used for the subjunctive past tense.
Origin of carryback
First recorded in 1940–45; noun use of verb phrase carry back
Dictionary.com Unabridged
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2022
How to use carryback in a sentence
British Dictionary definitions for carryback
carry back
/ tax accounting /
verb
(tr, adverb) to apply (a legally permitted credit, esp an operating loss) to the taxable income of previous years in order to ease the overall tax burden
noun carry-back
an amount carried back
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
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