net operating loss carry backs


Tax filing claims by a company to offset profits in prior years with a pre-tax loss in the current year. For example, a company with a net loss of $50,000 may claim the loss against its $75,000 profit the year before. The company may claim all or a portion of that loss and could receive a tax refund on the previous year earnings. Opposite of net operating loss carry forwards.
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net operating loss net operating loss carry forwards