Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Carryover basis

the basis of property transferred by gift or in trust, equaling the transferor's basis. - also termed substituted basis.

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.

carryover basis

See BASIS.

loss carryover

See CARRYOVER.

tax-loss carryover

See CARRYOVER.