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Loss Carry-Back

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Loss Carry-Back (Carry-Forward)
A tax provision that allows operating losses to be used as a tax shield to reduce taxable income in prior and future years. Losses can be carried backward for up to three years and forward for up to 15 years under current tax codes.


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Net Operating Loss Carry-Back--Extend the five-year net operating loss carry-back for three years (2003 through 2005) and hold taxpayers harmless for AMT.
Federal income taxes paid in prior years recoverable through loss carry-backs for existing temporary differences that reverse by the end of the subsequent calendar year.
This change of year-end will provide significant cash flow benefits by allowing the Company to take advantage of expanded tax net operating loss carry-back provisions allowed for in the Job Creation and Worker Assistance Act of 2002.
 
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