What does carryback mean?

carryback meaning in Legal Dictionary

n. in taxation accounting, using a present income tax 12 months's deductions, business losses or credits to refigure and amend a previously recorded taxation return to reduce steadily the tax obligation.

carryback meaning in Law Dictionary

carryback loan, also known as a seller carryback or vendor's second, is that loan which will be funded because of the vendor of home. Usually this supports the completion associated with purchase associated with residential property. It could in addition relate to the area of the price the vendor is able and prepared to fund.