- 17 -
This Court has previously stated:
The unfortunate consequences of the AMT in various
circumstances have been litigated since shortly after
the adoption of the AMT. In many different contexts,
literal application of the AMT has led to a perceived
hardship, but challenges based on equity have been
uniformly rejected. * * *
* * * “it is not a feasible judicial undertaking to
achieve global equity in taxation * * *. And if it
were a feasible judicial undertaking, it still would
not be a proper one, equity in taxation being a
political rather than a jural concept.” * * * the
solution must be with Congress.
Speltz v. Commissioner, 124 T.C. at 176 (quoting Kenseth v.
Commissioner, 259 F.3d 881, 885 (7th Cir. 2001), affg. 114 T.C.
399 (2000)); see also Alexander v. Commissioner, 72 F.3d 938 (1st
Cir. 1995), affg. T.C. Memo. 1995-51; Okin v. Commissioner, 808
F.2d 1338 (9th Cir. 1987), affg. T.C. Memo. 1985-199; Warfield v.
Commissioner, 84 T.C. 179 (1985); Huntsberry v. Commissioner, 83
T.C. 742, 747-753 (1984). Petitioner’s equity and public policy
arguments offer no relief from the tax consequences of the AMT
Code sections, as outlined above.
On the basis of the above, we hold that petitioner cannot
carry back his AMT capital loss realized in 2001 to reduce his
AMTI in 2000.
In reaching our holdings, we have considered all arguments
made, and, to the extent not mentioned, we conclude that they are
moot, irrelevant, or without merit.
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