What is the definition of Loss carryback? | Dictionary.net

LOSS CARRYBACK

\lˈɒs kˈaɹɪbˌak], \lˈɒs kˈaɹɪbˌak], \l_ˈɒ_s k_ˈa_ɹ_ɪ_b_ˌa_k]\

Definitions of LOSS CARRYBACK

1910 - Black's Law Dictionary (2nd edition)

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Current year's net loss offsets previous year's taxable income as an accounting adjustment, giving a tax refund as already paid. US tax law allowance. Also refer to loss carryforward.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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