Six accounts illustrate the NOL carryback:
At the period beginning, this is the largest loss that could be sustained in the current period and still be fully carried back. It is determined by adding the tax gains pool for each year during the carryback period and subtracting gains previously used.
In a period with a loss, this is the amount of loss actually carried back. It is the lesser of the amount of the loss and the maximum carryback.
This is taxable income net of amounts carried forward into the current period. These gains are the basis for carrybacks since future losses are carried back against them.