CARRYOVER

carryover. An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in a later period (usu. the next five years). — Also termed loss carryover; tax-loss carryover; carryforward; loss carryforward; tax-loss carryforward. Cf. CARRYBACK. [Cases: Internal Revenue  3438, 3439; Taxation  1043.C.J.S. Internal Revenue § 409; Taxation § 1752.] [Blacks Law 8th]