carryover basis
The basis of property transferred by gift or in trust, equaling the transferor’s basis. — Also termed substituted basis. [Cases: Internal Revenue 3201.]
Search Results for: CARRYOVER
carryover
carryover. An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in a later period (usu. the next five years). — Also termed loss carryover; tax-loss carryover; carryforward; loss carryforward; tax-loss carryforward. Cf. CARRYBACK. [Cases: Internal Revenue 3438, 3439; Taxation 1043. C.J.S. Internal
basis
basis. 1. A fundamental principle; an underlying condition. 2. Tax. The value assigned to a taxpayer’s investment in property and used primarily for computing gain or loss from a transfer of the property. • When the assigned value represents the cost of acquiring the property, it is also called cost basis. — Also termed tax
carryback
carryback. Tax. An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in an earlier period (usu. the previous three years). — Also termed loss carryback; tax-loss carryback. Cf. CARRYOVER. [Cases: Internal Revenue 3438; Taxation 1043. C.J.S. Taxation § 1752.]