Discussion Question 12-12 (LO. 3, 5)

How is it possible that a taxpayer could have an AMT NOL larger than their alternative minimum taxable income (AMTI) yet still have a positive tentative minimum tax (TMT) amount?

The reason a taxpayer could have a positive TMT amount in the presence of a significant AMT NOL is that the AMT NOL deduction (ATNOLD) is limited to ____% of AMTI, (after the / prior to the) NOL deduction.