When should the alternative tax net operating loss $($NOL$)$ be computed? Any time a casualty or theft loss has occurred, which can be carried forward three or more years. Any time a taxpayer has any minimum tax adjustments or preference items in the loss year or in any year to which the loss is carried. Any time there is an NOL and the taxpayer's adjusted gross income is greater than $$220,700.$ Whenever the taxpayer's adjusted gross income is greater than $$220,70$