- 12 - However, the capital loss limitations of sections 1211(b) and 1212(b) limit petitioner’s ability to recognize the regular capital loss.9 Petitioner’s adjusted AMT basis in the shares of Exodus stock was $1,075,289, resulting in realized AMT capital loss of $1,075,289. Petitioner seeks to carry back his AMT capital loss to reduce his AMTI in 2000. Petitioner argues that the capital loss limitations of sections 1211 and 1212 do not apply to his AMT capital loss for purposes of calculating his AMTI. This Court has never addressed whether the capital loss limitations of sections 1211 and 1212 apply for purposes of calculating a taxpayer’s AMTI. However, section 1.55-1(a), Income Tax Regs., states: Except as otherwise provided by statute, regulations, or other published guidance issued by the Commissioner, all Internal Revenue Code provisions that apply in determining the regular taxable income of a taxpayer also apply in determining the alternative minimum taxable income of the taxpayer. We find no statute, regulation, or other published guidance that purports to change the treatment of capital losses for AMT purposes.10 See secs. 55-59 (and accompanying regulations). 9 The effect of the capital loss limitations of secs. 1211(b) and 1212(b) for regular tax purposes is not in issue, and thus, is not discussed in detail. 10 Petitioner argues that because the instructions to line 9 of Form 6251 for 2000 do not mention sec. 1211, the instructions indicate that sec. 1211 does not apply for purposes (continued...)Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011