Differentiate between "loss carry-back" and loss carry-forward". Which can be accounted for with the greater certainty...
Differentiate between "loss carry-back" and loss carry-forward". Which can be accounted for with the greater certainty when it arises?
Homework Answers
Solution:
Loss carryback means carryback of current year loss to previous years to set off the same against previous year income. As per tax laws, losses could be carryback for 2 years and refund of income tax is taken for taxes already paid.
Loss carryforward means, carry forward of current year loss to upcoming years and same is setoff against income of future years.
Loss carryback can be accounted with greater certainty as carryback is related to previous years. However in case of carryforward we are not certain that in future income will be available or not to set off the losses.
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Differentiate between "loss carry-back" and loss carry-forward".
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