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Federal Income Tax Accounting?


In 2006, Nelville Flynn, a calendar year taxpayer, has $200,000 of income and $350,000 of deductions in computing taxable income, $100,000 of which are preference item deductions for alternative minimum tax (AMT) purposes. What is Flynn's AMT net operationg loss (NOL) for 2006??

the $100,000 of preference item deductions would not be deductible for AMT purposes.

i would think that the AMT NOL would be $200,000 - $250,000 ($350,000 - $100,000) = ($50,000)
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