Thank you TaxPro. I have attempted to educate myself much on this situation of the sale of the PTP, basis, hot assets, section 751 gain, etc., and I am aware of much of what you've said.
But I have a specific question: Can I reasonably avoid sending in Form 6251 (which looks very burdensome & confusing) and getting involved with Alternative Minimum Tax in claiming a NOL carryback?
It appears that getting involved with the ATNOL, ATNOLD, etc is only necessary when it applies to an individual taxpayer.
If I submit a 1045 or 1040X, Will the IRS know immediately from looking at my small income that calculating AMT, ATNOL, ATNOLD, etc, is not necessary in my case?
If I send in a 1040X without any information regarding AMT, AMTNOL, ATNOLD, etc, will the IRS know immediately that Form 6251 and similar forms are not necessary?
I am trying to avoid having to fill out and file a Form 6251, which looks very confusing & burdensome. Form 6251 apparently is used to calculate Alternative Minimum Taxes and AMTNOL or ATNOLD. My income is so small, for all the tax years in question, that according to Turbotax (and also what I know about AMT) I do not have to pay Alternative Minimum Tax. I am also not claiming any Domestic Production Activities Deduction, or itemizing my deductions using 1040 Schedule A.
Thank you,
W.I.
