Question

Filing and 2 O O Attaching a statement to Filing an amendment claiming the election Mark for follow up Question 67 of 75. When should the alternative minimum tax NOL be computed? Anytime there is an NOL and the taxpayer's AGI is greater than $150,000. Anytime a casualty or theft loss has occurred which can be carried forward three or more years. Anytime a taxpayer has any minimum tax adjustments or preference items in the loss year or in any year to which the loss is carried o Whenever the taxpayer's AGI is greater than $150,000

Answer 1

Solution: The answer is

Anytime a taxpayer has any minimum tax adjustments or preference items in the loss year or in any year to which the loss is carried.

Reason:

1) Alternative minimum tax net operating loss (ATNOL) is taken into consideration for computing the net operating loss when subject to alternative minimum tax (AMT).

2) Alternative minimum tax net operating loss applies only in those years in which AMT applies.

3) Alternative minimum tax net operating loss can be carried forward to future years. So, Alternative minimum tax net operating loss is computed in the carry forwarded years also.

So, Remaining Options are incorrect.