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Carryover

   Also found in: Dictionary/thesaurus, Legal, Acronyms 0.01 sec.
Carryover
Funds unused during a financial year which are transferred to the budget for the following year.
Carryback
In accounting, a way for a company to reduce its tax liability by applying a net operating loss to previous years in which it made a profit. If a company deducts more than its net income in a given tax year, it may take the difference between the deduction and the net income (a negative number) and apply it as a deduction on taxable income for the previous five years. For example, if a company makes $1,000,000 in one year, and loses $500,000 the following year, it may only be liable for a $500,000 profit on the year it makes a profit. That is, it may receive a tax refund on part of what it paid for the profitable year. See also: Future Income Tax.
carryover
See carryback, carryforward.
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AS I WRITE, on May 19, I note with some dismay that the Super7, with a carryover of more than a quarter of a million pounds, attracted new business of just pounds 6,000.
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At the time, most believed that a later Congress would eventually have to address the budgetary issue in order to prevent the eliminated taxes from being restored and to avoid the problems of carryover basis.
Riding the estate planning roller coaster for the next three years by Stromsem, William R. / The Tax Adviser
 
 
 
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