Tax deduction under AMT where NOL carryover used up for AMT purposes

Tax deduction under AMT where NOL carryover used up for AMT purposes

Forum topic posted in Forum on 5 July 2016| comments
audience: | last updated: 5 July 2016
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I am being asked for assistance regarding a taxpayer who has a regular tax NOL carryover (larger than their current income) and so their current year's charitable contribution is being absorbed into their NOL carryover for next year.  Because of depreciation adjustments for AMT, they are getting hit with AMT.  They no longer have a NOL for alternative minimum tax purposes.  It was used up in the prior year.  Tax management software is carrying this year's AMT charitable contribution over to next year.  I am trying to find out if this is proper treatment.  Is there any way they can deduct this contribution for AMT in the current year?

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