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ACC 305 Intermediate Accounting III

Accounting
Tutor: None Selected Time limit: 0 Hours

Differentiate between a loss carryback and loss carryforward. Explain the way in which carrybacks and carryforwards affect the reporting of deferred tax assets and deferred tax liabilities.

Apr 25th, 2015

tax loss carry forward is a provision in the Tax Code to allow a business to use a to use a net operating loss in one year to offset a profit in one or more future years. This provision is also called a tax loss carry forward. You can elect to carry forward an NOL up to 20 years.

tax loss carry back is a similar type of provision, which allows the business to carry a net operating loss back to offset profits in previous years.


Apr 25th, 2015

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Apr 25th, 2015
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Apr 25th, 2015
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