Akeem,who does not itemize,incurred a net operating loss (NOL) of $50,000 in 2014.His deductions in 2014 included AMT tax preference items of $20,000,and he had no AMT adjustments.Assuming the NOL is not carried back,what is Akeem's ATNOLD carryover to 2015?
A)$50,000
B)$30,000
C)$20,000
D)$40,000
E)None of the above

Question

Quizplus · Accepted Answer

The ATNOLD (Alternative Tax Net Operating Loss Deduction) is calculated by reducing the NOL by tax preference items. Akeem's NOL is $50,000, and he has $20,000 in AMT tax preference items, so the ATNOLD carryover is $50,000 - $20,000 = $30,000.

Akeem,who Does Not Itemize,incurred a Net Operating Loss (NOL) of $50,000