Losses
Most jurisdictions allow interperiod allocation or deduction of losses in some manner for corporations, even where such deduction is not allowed for individuals. A few jurisdictions allow losses (usually defined as negative taxable income) to be deducted by revising or amending prior year taxable income. Most jurisdictions allow such deductions only in subsequent periods. Some jurisdictions impose time limitations as to when loss deductions may be utilized.
Read more about this topic: Corporate Tax
Famous quotes containing the word losses:
“Hold back thy hours, dark Night, till we have done;
The Day will come too soon.
Young maids will curse thee, if thou steal’st away
And leav’st their losses open to the day.
Stay, stay, and hide
The blushes of the bride.”
—Francis Beaumont (1584-1616)