My corporate client has NOL amount carried forward from 2018 and previous years. This year 2019, the company made income and can claim NOL in CA 100. However, I noticed that the company owes AMT for 2019 but to me, there should be no CA AMT. I noticed that below could be the reason why the company has AMT:
1. Form 3805 CA NOL AMT does not show any utilization of NOL AMT for 2019 that could reduce the net income for AMT purposes.
2. Schedule P does not show any amount in line 7c (which the 90% of Net income)
This is my first time to do this, I need your assistance on this on how to resolve the above (if I am correct that there should be no AMT).
Appreciate your help on this.
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