CARRYBACK

carryback.Tax. An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in an earlier period (usu. the previous three years). — Also termed loss carryback; tax-loss carryback. Cf. CARRYOVER. [Cases: Internal Revenue  3438; Taxation  1043. C.J.S. Taxation § 1752.] [Blacks Law 8th]