- 7 - Mae stock that Ms. Kim acquired as a result of the exercise of certain options granted under the Fannie Mae ESPP. Petitioners also claimed in petitioners’ amended 2002 Schedule D long-term capital losses of $6,410.70, $6,808.36, and $2,730 from the respective sales of certain stock of three companies. In peti- tioners’ amended 2002 Schedule D, petitioners (1) added the three new long-term capital losses claimed in that amended schedule to the $3,117.40 long-term capital loss that they claimed in peti- tioners’ 2002 Schedule D included as part of petitioners’ 2002 return and (2) claimed long-term capital losses totaling $19,066.46. In petitioners’ amended 2002 Schedule D, petitioners netted the $4,234.94 of short-term capital gains and the $19,066.46 of long-term capital losses claimed in that amended schedule and claimed a net capital loss of $14,831.52.3 3As discussed above, in petitioners’ 2002 return, as pre- scribed by sec. 1211(b), petitioners claimed as a deduction only $3,000 of the $3,117.40 net capital loss claimed in the 2002 Schedule D included as part of that return. Thus, the $14,831.52 net capital loss claimed in petitioners’ amended 2002 Schedule D did not entitle petitioners to a larger net capital loss deduc- tion for 2002. However, the increased net capital loss claimed in petitioners’ amended 2002 Schedule D did affect the amount of petitioners’ claimed capital loss carryover to other taxable years. See sec. 1212(b)(1).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011