Loss Carryback

An income averaging provision of tax law that allows a tax payer, under certain circumstances, having a net operating loss for tax purposes (i.e. tax deductible expenses and exemptions exceed taxable revenue) in a given year to carry that loss back and receive refunds with respect to income taxes paid in prior years. The number of years carried back would depend on then existing tax provisions. (III-13-15, 24)

Authorization Path: 2.2.5.2.43.1