verb
deduct a loss or an unused credit from taxable income for a prior period
• Verb Frames:
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Somebody ——s something
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transitive verb : to deduct (a loss or an unused credit) from taxable income of a prior period
carry back an unused excess-profits-tax credit
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carry back (accounting)
To set (a loss) against the previous year's profit, in order to obtain a reduction of earlier taxation (carrˈy-back noun)
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Main Entry: ↑carry
Useful english dictionary. 2012.