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The taxpayer’s original return erroneously reported an
amount due based upon an incorrect valuation and/or
inclusion of stock options (both qualified and
unqualified) and the incorrect application on the AMT
net operating loss and AMT credit. A list of the legal
grounds supporting the amended return’s valuation of
stock options and/or exclusions of such options from
income along with the correct application of the AMT
net operating loss and AMT credit is attached to this
form. The application of the attached legal arguments
to the taxpayer’s stock option transactions will result
in a change in the amount due for lines 1, 5 through
10, and 19 through 24 on the front of this 1040X form.
The exact amount of the refund will be determined
pending the final determination of facts and the
release of a technical advice memo or court decision.
4. Respondent’s Concession
Respondent concedes, if this Court finds petitioner’s 83(b)
election to be valid and the liability reported on petitioner’s
original 2000 return to be correct, respondent will abate
petitioner’s 2001 liability, which was based upon petitioner’s
2001 amended return, and accept petitioner’s original 2001
return.
C. Collection Actions
On June 30, 2003, respondent mailed petitioner a Notice of
Federal Tax Lien Filing and Your Right to a Hearing regarding his
unpaid 2000 taxes. Petitioner submitted Form 12153, Request for
a Collection Due Process Hearing, to respondent requesting an
administrative hearing under section 6330. Petitioner also
sought the removal of any liens and a temporary reprieve from
collection activity, pending the release of a technical advice
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Last modified: May 25, 2011