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Definitions from the Web

carryforward

Definition

Carryforward refers to the practice of transferring unused amounts or benefits from one period to another, typically to be utilized in the future.

Parts of Speech

• Noun
• Verb

Sense 1: Noun

1.1 - A tax term where a company or an individual carries forward a tax loss or credit to offset against future taxable income.

1.2 - An accounting term where a financial loss or credit is carried forward to offset against future profits.

1.3 - A financial term where a balance or credit is carried forward to the next period or statement.

Sample Sentences

1. The company had a significant carryforward of tax credits to reduce their overall tax liability for the year.
2. After incurring a loss in the previous quarter, the organization carried forward the amount to deduct from their future profits.
3. The carryforward of the credit balance from the previous financial statement helped improve the current financial position.

Sense 2: Verb

2.1 - To transfer an unused amount or benefit from one period to another, typically for future utilization.

2.2 - To extend the application, use, or validity of something from one time or situation to another.

Sample Sentences

1. The company decided to carryforward the tax losses to the next fiscal year.
2. She carried forward her skills and experiences from her previous job to excel in her new role.
3. The software license was carried forward to the upgraded version without any additional cost.

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