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Future Income Tax |
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Future Income Tax In accounting, a way for a company to avoid taxes following years in which it had a net operating loss. 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 up to 7-10 years. For example, if a company loses $500,000 in one year, and makes $1,000,000 the following year, it may only be liable for a $500,000 profit. 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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