Yes, I am trying to calculate it right now. From the form 1120 instructions the IRS mentions: "Enter on line 29a the total NOL carryovers from other tax years, but do not enter more than the corporation's taxable income (after special deductions). "
This is unclear to me whether that means I should enter the full amount of the NOL carryover that I have, or just the amount of the carryover up to 80% of the taxable income.
Reading the instructions again, it appears to mean that: on line 29a I can only enter an NOL amount up to 100% of the taxable income. But the actual NOL deduction that is used would still only be up to 80% of the taxable income. Can anyone confirm?
