CARRY BACK Meaning and
Definition
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Carry back is a financial term that refers to the deduction or offsetting of a loss from one tax year against profits earned in a previous tax year. This allowance allows businesses or individuals to apply a net operating loss (NOL) to a prior year's taxable income in order to reduce the amount of tax payable. This process is known as carrying back the loss.
When a business or individual incurs a loss in a particular tax year, they may be eligible to carry back that loss to a previous year when they had taxable income. By doing so, they can reduce their taxable income from that previous year and potentially receive a tax refund due to the offset. The carry back provision enables entities to receive a more immediate benefit from their losses rather than waiting for future tax years to use the loss as a deduction.
The specific rules and limitations regarding the carry back of losses may vary depending on the tax jurisdiction. Some jurisdictions may have restrictions on the number of years for which a loss can be carried back or impose certain conditions for eligibility. Additionally, different types of losses, such as capital losses or business losses, may have separate carry back provisions.
Overall, carry back is a tax strategy that allows businesses or individuals to apply current year losses against prior year profits, ultimately reducing tax liability and potentially resulting in a tax refund.
Common Misspellings for CARRY BACK
- xarry back
- varry back
- farry back
- darry back
- czrry back
- csrry back
- cwrry back
- cqrry back
- caery back
- cadry back
- cafry back
- catry back
- ca5ry back
- ca4ry back
- carey back
- cardy back
- carfy back
- carty back
- car5y back
Etymology of CARRY BACK
The phrase "carry back" does not have a specific etymology on its own since it is a combination of two separate words with their respective origins.
The word "carry" derives from the Old North French word "carier", which means "to move or transport". It can be traced back to the Latin word "carrus", meaning "cart" or "wagon".
The word "back" derives from the Old English word "bæc", which has its roots in the Proto-Germanic word "bakam". It is related to similar words in other Germanic languages, such as German "zurück" and Dutch "terug", all meaning "back" or "in the opposite direction".
When combined, "carry back" generally means to transport or bring something to a previous location or position.
Idioms with the word CARRY BACK
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carry back
To return or bring something back to a previous state or condition.
Similar spelling words for CARRY BACK
- big car,
- bug car,
- grow big,
- carrier bag,
- bike courier,
- carbaugh,
- grey pug,
- car poach,
- grow bag,
- crow peak,
- Gar pike,
- cry back,
- grey-headed olive-back,
- carry bag,
- carbajal,
- puck carrier,
- carry-on bag,
- carrie buck,
- Carabajal,
- back gray.
Conjugate verb Carry back
CONDITIONAL
I
would carry back
you
would carry back
he/she/it
would carry back
we
would carry back
they
would carry back
CONDITIONAL CONTINUOUS
I
would be carrying back
you
would be carrying back
he/she/it
would be carrying back
we
would be carrying back
they
would be carrying back
CONDITIONAL PERFECT
I
would have carry back
you
would have carry back
he/she/it
would have carry back
we
would have carry back
they
would have carry back
CONDITIONAL PERFECT CONTINUOUS
I
would have been carrying back
you
would have been carrying back
he/she/it
would have been carrying back
we
would have been carrying back
they
would have been carrying back
FUTURE
I
will carry back
you
will carry back
he/she/it
will carry back
we
will carry back
they
will carry back
FUTURE CONTINUOUS
I
will be carrying back
you
will be carrying back
he/she/it
will be carrying back
we
will be carrying back
they
will be carrying back
FUTURE PERFECT
I
will have carried back
you
will have carried back
he/she/it
will have carried back
we
will have carried back
they
will have carried back
FUTURE PERFECT CONTINUOUS
I
will have been carrying back
you
will have been carrying back
he/she/it
will have been carrying back
we
will have been carrying back
they
will have been carrying back
IMPERATIVE
you
carry back
we
let´s carry back
to carry back
PAST
I
carried back
you
carried back
he/she/it
carried back
we
carried back
they
carried back
PAST CONTINUOUS
I
was carrying back
you
were carrying back
he/she/it
was carrying back
we
were carrying back
they
were carrying back
PAST PARTICIPLE
carried back
PAST PERFECT
I
had carried back
you
had carried back
he/she/it
had carried back
we
had carried back
they
had carried back
PAST PERFECT CONTINUOUS
I
had been carrying back
you
had been carrying back
he/she/it
had been carrying back
we
had been carrying back
they
had been carrying back
PRESENT
I
carry back
you
carry back
he/she/it
carries back
we
carry back
they
carry back
PRESENT CONTINUOUS
I
am carrying back
you
are carrying back
he/she/it
is carrying back
we
are carrying back
they
are carrying back
PRESENT PARTICIPLE
carrying back
PRESENT PERFECT
I
have carried back
you
have carried back
he/she/it
has carried back
we
have carried back
they
have carried back
PRESENT PERFECT CONTINUOUS
I
have been carrying back
you
have been carrying back
he/she/it
has been carrying back
we
have been carrying back
they
have been carrying back
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