- 10 -
3 3/14/01 4,740 18,297 (7,036)
4 3/14/01 250 963 (52)
4 3/15/01 4,750 18,215 (1,070)
4 3/15/01 998 3,827 (225)
4 3/15/01 4,002 15,346 (902)
5 3/14/01 250 963 (52)
5 3/16/01 10,000 39,496 (1,104)
5 3/19/01 5,000 19,278 (1,022)
5 3/20/01 7,500 27,275 (2,160)
Petitioners have never been in the trade or business of
trading stocks. Petitioners held their MGC shares for investment
purposes and not as traders or dealers.
MGC never requested that petitioner disgorge any profits
from his sales of MGC shares, petitioner was never sued by MGC or
one of its shareholders pursuant to section 16(b) of the Exchange
Act, and petitioner never paid over to MGC any part of the
proceeds from his sales of MGC common stock.
E. Petitioners’ Tax Return and Amended Return
On or about October 18, 2001, petitioners filed a joint
Federal income tax return for the taxable year 2000 reporting
total tax of $2,831,360 (including AMT described below).
Petitioners reported total payments of $2,636,723, leaving a
balance due of $196,006 (including an estimated tax penalty of
$1,369). Petitioners submitted Form 6251, Alternative Minimum
Tax--Individuals, with their tax return for 2000. On Form 6251,
line 10, petitioners reported $3,988,180 of alternative minimum
tax income (arising from the exercise of petitioner’s ISOs) in
excess of regular taxable income, a total of $10,665,935 of
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