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Taxpayer has substantial enterprise zone hiring and sales and use tax credit carryovers. Taxpayer has a net operating loss carryover that is reducing current year regular tax to the minimum $800 franchise tax. However, the 90% AMT NOL limitation is generating alternative minimum tax greater than the minimum $800 franchise tax. Schedule P instructions for Section C state that EZ credit carryovers can reduce AMT after reducing the regular tax down to the minimum franchise tax, but 3805Z instructions for Part I, Line 6b state that if the corporation is subject to "the minimum franchise tax, you cannot use your EZ credits this year".
I thought the NASSCO Holdings decision allowed EZ credits to reduce AMT? Is that only the case when the corporation is subject to regular tax that is greater than the minimum franchise tax?