Carryback
Carryback (alternatively known as tax loss carryback) is an action to carry tax loss back.
Definitions
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Tax loss carryback and tax loss carryforward. Ordinary corporate operating losses can be carried backward for 2 years or forward for 20 years to offset taxable income in a given year.
According to Fundamentals of Financial Management by Eugene F. Brigham and Joel F. Houston (15th edition),
- Carryback. Ordinary corporate operating losses can be carried backward for 2 years and carried forward for 20 years to offset taxable income in a given year.
Related concepts
- Financial management. A combination of enterprise efforts undertaken in order to procure and utilize monetary resources of the enterprise.
