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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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When should alternative minimum tax NOL not be computed? any

Resolved Question:

When should alternative minimum tax NOL not be computed?
any time there is an NOL
any time a casualty or theft loss has occurred
whenever a taxpayer has any minimum tax adjustments or prference items in the loss year or in any yeary to which the loss is carried.
whenever the taxpayer's AGI is greater than $150,000
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.
Thank you for your question,

Diana, I would say any time a casualty or theft loss has occurred, because these can occur and not cause an NOL and in that event you wouldn't need to calculate the alternative minimum tax NOL....make sense?

Thanks again for thinking of me, and please don't forget to rate my responses so that I may get credit for assisting :-)

Thanks so much, and I hope today is going better than yesterday.
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