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carryforward

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carryforward
1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. Thus, a loss in one year would be carried forward to a future year and used to offset profits up to the amount of the carryforward. Carryforwards are especially useful to firms operating in cyclical industries such as transportation. Also called tax loss carryforward.
2. In taxation of individuals, net capital losses exceeding the annual limit of $3,000 that may be carried to succeeding years so as to offset capital gains or ordinary income. There is no limit on the amount of capital losses that may be used to offset capital gains in any one year, only on the amount of losses in excess of gains that may be used to offset income. Also called carryover.
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The unused minimum tax credit eligible for refund in 2007 can be determined by referring to line 26 of the 2003 form 8801 and adjusting the carryforward for any amounts claimed in 2004, 2005 and 2006.
New law provides AMT relief by Giordano, Diane / Journal of Accountancy
Negative evidence: This include, but is not limited to, cumulative losses in recent years; a history of operating loss or tax credit carryforwards expiring unused; losses expected in early future years (by a presently profitable entity); unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years; or brief carryback or carryforward periods that would limit realization of tax benefits.
Must a valuation allowance be recorded against a deferred tax asset? by Guertin, Scott F. / The Tax Adviser
nbsp;and carryforward periods available under the tax law.
Accounting for income taxes - one more time by Petzing, Lawrence N. / Financial Executive
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