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arguments, and Ps timely petitioned this Court for
review of R’s lien action.
Held: P-H was not an employee within 3 months of
exercising his ISOs for purposes of sec. 422(a)(2).
Brian Gary Isaacson and Don Paul Badgley, for petitioner.
Kirk M. Paxson, Julie L. Payne, and William C. Schmidt for
respondent.
MEMORANDUM FINDINGS OF FACT AND OPINION
HAINES, Judge: Petitioners filed a petition with this Court
in response to Notices of Determination Concerning Collection
Action(s) Under Section 6320 and/or 6330 for 2000. Pursuant to
section 6330(d), petitioners seek review of respondent’s
determinations.1 All references to petitioner in the singular
are to petitioner Robert C. Humphrey. After concessions,2 the
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code (Code), as amended. All Rule
references are to the Tax Court Rules of Practice and Procedure,
unless otherwise indicated. Amounts are rounded to the nearest
dollar.
2 Petitioners concede that nonrecourse debt incurred to
purchase the stock which in turn was pledged to the lender to
secure the debt resulted in the shares’ being transferred to
petitioner. See sec. 1.83-3(a)(2), Income Tax Regs.
Petitioners also concede that pursuant to sec. 1.83-1(e),
Income Tax Regs., petitioner is not allowed an ordinary loss when
his substantially vested stock was forfeited pursuant to a lapse
restriction.
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