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Simple English definitions for legal terms

tax-loss carryback

Read a random definition: Form 8-K

A quick definition of tax-loss carryback:

A tax-loss carryback is a way for businesses to deduct losses from their income taxes. If a business has a net operating loss in a given year, they may not be able to use the entire deduction in that year. However, they can carry back the deduction to a previous year (usually up to three years) to reduce their tax liability for that year. This is also known as a loss carryback and can help businesses recover some of the taxes they paid in previous years.

A more thorough explanation:

Tax-loss carryback is a deduction in income tax that cannot be fully used in a particular year but can be carried back to an earlier year, usually the previous three years. It is also known as loss carryback or tax-loss carryback.

Let's say a company has a net operating loss of $50,000 in the current year. The company can use this loss to offset its taxable income in the previous three years and get a refund for the taxes paid in those years. For example, if the company paid $10,000 in taxes in the previous year, it can carry back the $50,000 loss and get a refund of $10,000.

This deduction is helpful for businesses that have experienced a loss in a particular year and want to reduce their tax liability. It allows them to get a refund for the taxes paid in the previous years and improve their cash flow.

tax loophole | tax-loss carryforward

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the big W is that i get reimbursed for travel now thank GOD
jack moving up in the world :)
i have a brother named jack, so whenever i see your name im marginally happier than normal
babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
JumpySubsequentDolphin
16:39
im allergic to baby cats >:(
JumpySubsequentDolphin
16:40
I used to have a babycat, I only got allergies after he died
JumpySubsequentDolphin
16:40
I think he’s haunting me
babycat
16:40
:(
babycat
16:40
that's too bad
babycat
16:40
you still have me though <3
@babycat: you make my day marginally happier with your scathing wit
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New Father John Misty album out today
16:44
People saying it’s his best yet by far
babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
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