If a corporation has a carryforward amount of $1000 from 2018, but a net income of $1000 for 2019 then (to my understanding) it can only deduct $800 (or 80% of the NOL carryover) from the 2019 net income and the taxable income would then be $200.
Am I right that in this example, on Schedule K, line 12 the amount would be 1000.00 and the amount on line 29a would be 800? Or should line 29a still have the full NOL carryover available (1000)?
