the portion of a donation receipt issued for a testamentary gift, and not used on the decedent's terminal tax return, that can be claimed (subject to allowable limitations) on the return for the year preceding the year of the decedent's death.

In tax law, this is the loss or unused tax credit for a tax year that may be carried back to prior years to offset previously taxed earnings to create a refund of taxes previously paid. Any carryback amount not used in prior years is available as a carryover to future years.

A technique for receiving a refund of back taxes by applying a deduction or credit from a current year to a prior year. also called tax loss carryback. see also carryforward.

A loan where the seller of a property acts as the lender and holds or carries back a portion of the equity to be repaid by the buyer as a note.