- 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...)
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