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issues for decision are: (1) Whether pursuant to section
422(a)(2) petitioner remained an employee with i2 until 3 months
prior to the exercise of his incentive stock options (ISOs); (2)
if petitioner remained an employee of i2 until 3 months prior to
exercising his ISOs, whether the capital loss limitations of
section 1211 apply to the computation of alternative minimum
taxable income (AMTI); (3) if petitioner remained an employee of
i2 until 3 months prior to exercising his ISOs, whether
alternative minimum tax (AMT) capital losses can be carried back
as an alternative tax net operating loss (ATNOL) to reduce AMTI.
FINDINGS OF FACT
The parties’ stipulation of facts and attached exhibits are
incorporated herein by this reference, and the facts stipulated
are so found. At the time the petition was filed, petitioners
resided in Southlake, Texas.
A. i2 Employment and Stock Options
1. Employment with i2
Headquartered in Dallas, i2 is a Delaware corporation that
develops and markets enterprise chain management solutions,
including supply chain software and consulting services. In
1988, i2’s founders created the company’s first software program,
which was groundbreaking in the supply chain management industry.
On February 3, 1995, petitioner was recruited as i2’s vice
president and eventually became i2’s senior vice president of
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