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Accounting Mystery Tip

2/3/2017

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Example of carryback:
  • Assuming 4 years of profitable taxable income of 100.
  • Carrybacks can only be taken for two years, so let us assume 70 comes from the last two years. 
  • And then in year 5, a loss of 300.
  • Assuming a tax rate of 40%. Then you will take 300 – 28 (40% of 70 this is the carryback amount) – 108.8 carryfoward (carryforward amount of taking ([300-28] *.4), giving us a net loss of 163.2K.  
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