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carryover

 
Dictionary: car·ry·o·ver   (kăr'ē-ō'vər) pronunciation
n.
  1. Something transferred or extended from an earlier time or another place: a showing of new fashions as well as carryovers from last spring; a carryover of good will from the previous meeting.
  2. Accounting. A sum transferred to a new column, page, or book relating to the same account.

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Business Dictionary: Carryover
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A process by which the Deductions and Credits of one taxable year that cannot be used to reduce tax liability in that year are applied against tax liability in subsequent years. Corporations may carry over losses for up to 15 years. Amounts are called carryforwards. See also Carryback.

Law Dictionary: Carryover
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A process by which the deductions and credits of one taxable year which cannot be used to reduce tax liability for that year are applied against tax liability in subsequent years. For example, carryovers are available with respect to net operating losses, charitable contributions, and investment tax credits. I.R.C. §§172(b), 170(d), and 46. Compare carryback. See also basis [carryover basis].

 
 
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Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.  Read more
Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved.  Read more
Law Dictionary. Law Dictionary. Copyright © 2003 by Barron's Educational Series, Inc. All rights reserved.  Read more

 

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