small corp nol amt exempt for 2014

Technical topics regarding tax preparation.
#1
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886
Joined:
26-Feb-2016 10:14pm
Location:
Oakland CA
prepared an estimate for a c corp client today and limited his pre 2018 calendar year nol to 80% of 2018 net income. He asked why and then corrected me, pointing out carryovers from pre 2018 were exempt from the limit. I mentioned that the corp amt is totally eliminated. he asked if that was why in 2014 i had his corp pay tax even though nol exceeded income.

I said that didn't sound right. there's been a not so small corp gross receipts test exemption from the 90% limitation for years..

Sure enough I had screwed up and didnt check the boxes for the exemption.

And of course the last day for filing the amended claim would be this Monday.

But for some reason ProFx 1120x, exemption boxes all checked for all nols, still applied the 90% limit.

Any hunches?
 

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