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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4525
Experience:  35 years tax experience, including four years at a Big 4 firm.
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It appears my software doesn't compute an ATNOL carry

Customer Question

It appears my software doesn't compute an ATNOL carry forward in year one of a corporations existence. The developer says it's since AMT applies to no corporation in its first year. The only citation I see is IRC 55 where is say AMT tax in year 1 for a corporation is zero.
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and will assist.

Expert:  PDtax replied 1 year ago.

A corporation is exempt from AMT in its first year, so the developer is correct. The 4626 instructions are clear on the subject.

Please check those instructions, available as a pdf at:

www.irs.gov/pub/irs-pdf/i4626.pdf

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.