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LSDefine

Simple English definitions for legal terms

loss carryback

Read a random definition: continuing-violation doctrine

A quick definition of loss carryback:

Loss carryback refers to a tax deduction that cannot be fully used in a particular year but can be applied to a previous year's tax return, usually up to three years prior. This deduction is often used for net operating losses. It is also known as tax-loss carryback and is different from carryover.

A more thorough explanation:

Definition: Loss carryback is a tax deduction that allows a business to apply its net operating loss to a previous tax year, typically up to three years prior, in order to reduce the amount of taxes owed.

Example: Let's say a business had a net operating loss of $50,000 in 2020, but had a net income of $100,000 in 2018 and $75,000 in 2019. The business can carry back the $50,000 loss to either 2018 or 2019 and receive a refund for the taxes paid in that year. This can help the business recover some of the losses and improve its financial situation.

Loss carryback is a useful tool for businesses that experience a sudden downturn or unexpected losses. By carrying back the losses to a previous year, the business can reduce its tax liability and improve its cash flow. This can help the business stay afloat during difficult times and continue to operate in the long run.

loser-pays rule | loss carryforward

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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