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Carryforwards |
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Carryforwards Tax losses allowed to be applied to offset future income in some specified number of future years. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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It's just that some complex rules governing the use of net operating loss carryforwards--past losses that can be used to offset taxes on future earnings--require the company to satisfy strict requirements or else the carryforwards will be wiped out. Included in the definition of the term "duplicated losses" are loss carryforwards of a departing loss member. The other major concern with Statement 96 is that, because it assumes "no future events," the tax benefit of deductible temporary differences and carryforwards can be recognized only to the extent that they offset either actual taxable income reported in the carry-back period or future reversals of taxable differences. |
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