carry-back
Definitions from Case Law · United States Supreme Court
Definitions from Case Law
From 365 U.S. 753 - Bulova Watch Co. v. United States · 1961Most cited · 457 citing opinions
A carry-back is an exceptional relief measure in that it permits a departure from the basic annual accounting rule. The carry-back provisions 'were enacted to ameliorate the unduly drastic consequences of taxing income strictly on an annual basis. They were designed to permit a taxpayer to set off its lean years against its lush years, and to strike something like an average taxable income computed over a period longer than one year.' The significant feature of a carry-back is that it permits an adjustment of an earlier liability upon the basis of subsequent events.
How often courts cite the case defining “carry-back”
Court decisions citing the opinion that defined “carry-back” — 457 in all, by decade. Counts are citations to the defining case as a whole, not verified uses of the term. The dip in the most recent years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the latest years.