carryover

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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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References in periodicals archive ?

Further, aside from the foregoing technological, political, and economic changes, the relaxation of the estate, gift, and generation-skipping taxes (collectively, transfer taxes) that began in 1976 and continues today (25) makes the institution of a carryover tax basis regime imperative.

ADVOCATING A CARRYOVER TAX BASIS REGIME

These data are suggestive, though it should be noted that they don't prove that the carryover provision of the CRA rushed certain decisions by the Obama White House.

Do presidents rush rules to avoid the Congressional Review Act?

If you have carryover losses from the 2008 financial crisis--or even from the bursting of the tech bubble eight years earlier--the current bull market in stocks might provide opportunities to use them up.

Past losses offer winning opportunities

Based on this analysis, in the above example, W can adjust its NOL carryover to 2015 by the $1 million understatement of taxable loss for 2010, even though the statute of limitation for 2010 is closed.

Statute of limitation for tax carryovers

The congressional defense committees have recognized that some carryover is appropriate to facilitate a smooth flow of work during the transition from one fiscal year to the next," GAO said in the report.

Watchdog finds high carryover at Navy depots

The goal of minimizing carryover drives the syringes' construction, as the needle and glass barrel are directly attached to each other.

New injectors in liquid chromatography

For example, New York requires taxpayers with business and investment income in the year to which they carry an NOL to apportion the carryover between business and investment income.

Beware of state-federal NOL differences

The proxy for population-level effects would be the net effect of the contaminant at some point near reproductive age, where the net effect is defined as the sum of exposure effects, carryover effects, and density-mediated compensation (Figure 1).

Exposure, postexposure, and density-mediated effects of atrazine on amphibians: breaking down net effects into their parts

Traubenberg added that, although the statute is clear that the section 199 manufacturing deduction cannot create or increase an operating loss, the effect of a loss carryover (or carryback) on the manufacturing deduction for a particular year is uncertain.

Tax Executives Institute - U.S. Department of Treasury Office of Tax Policy and Internal Revenue Service Office of Chief Counsel joint liaison meeting: March 11, 2005

ABSTRACT: This paper examines the effects of a tax loss carryover on the market and book values of a firm's assets.

Valuation of a firm with a tax loss carryover

The method computes current and carryover effects, identifies in which type of competition the advertiser is operating, and, accordingly, determines which budgeting strategy best suits the situation.