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

References in periodicals archive ?
The watchdog group recommended that the Defense Department improve the budgeting for carryover by reporting the purpose and amount of waivers in FRC budgets and requiring the Navy to analyze trend data on actual orders when developing budget estimates.
For regular tax purposes, the $50,000 of current-year charitable contributions is first applied, with $50,000 of the prior-year carryover then applied.
In addition, even if a state conforms to the federal section 172 carryover provisions, a lag in the Code conformity date may result in nonconformity to an extended NOL carryover period.
To test for carryover effects, we controlled for starting density in the postexposure phase (by incorporating survival to metamorphosis as a covariate in the statistical model) when examining postexposure survival.
In 1981, taxpayers Arthur and Catherine Beyer had an investment interest expense carryover o $151,849.
In the example above, the $6,000 cash contribution is below the AGI limit of $9,000 (50% of the couple's $18,000 AGI) and hence is factored into the carryover calculation despite the taxpayers' election to use the standard deduction.
Instead, the military services used different methodologies for calculating the reported actual amount of carryover and the allowable amount of carryover since DOD changed its carryover policy in December 2002.
382 and 383 limit the annual utilization of carryover deductions and credits whenever an "ownership change" occurs.
The replacement property has a carryover tax basis that is generally the value of the replacement property less the gain deferred in the exchange.
This article reviews the history of Revenue Procedure 81-70, which addresses the process for determining carryover basis of widely held acquired stock, including the expansion of its application in the 1990s.
With little carryover, and not a particularly big crop in the pipeline, any falls in prices may be smaller than buyers have been hoping for.
The ratings do not address the likelihood of payment of the noteholders' interest LIBOR carryover amount or the certificate holders' interest LIBOR carryover amount.