Robert J. Merlo - Page 16

                                       - 16 -                                         
          additional tax liability.”  Petitioner argues that the only way             
          to comply with congressional intent is to allow him to carry back           
          his AMT capital loss.  Throughout his opening brief and reply               
          brief, petitioner focuses heavily on his interpretation of                  
          congressional intent to support various arguments.                          
               Petitioner relies on the Senate report to the Tax Reform Act           
          of 1986, Pub. L. 99-514, 100 Stat. 2085, as authority for the               
          asserted congressional intent.  See S. Rept. 99-313 (1986), 1986-           
          3 C.B. (Vol. 3) 1.  Petitioner does not offer a specific citation           
          but instead cites the Senate report generally.  The Senate report           
          addresses the AMT provisions on pages 515-540.  Id. at 515-540,             
          1986-3 C.B. (Vol. 3) at 515-540.  The Senate report does not                
          directly support petitioner’s interpretation of congressional               
          intent, and we find no language supporting an inference of such             
          intent.  See id.  Therefore, we do not further consider                     
          petitioner’s arguments based on his interpretation of                       
          congressional intent.                                                       
               Petitioner also advances several “policy and legal                     
          considerations”.  Essentially, petitioner is arguing that, under            
          principles of equity, he should be allowed to carry back his AMT            
          capital loss to reduce his AMTI.  Petitioner feels that applying            
          the capital loss limitations of sections 1211 and 1212 to the               
          calculation of his AMTI results in harsh and unfair tax                     
          consequences.                                                               






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