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After concessions,2 the issues for decision are: 1) Whether
the capital loss limitations of section 1211 apply to the
computation of alternative minimum taxable income (AMTI); (2)
whether alternative minimum tax (AMT) capital losses incurred in
2001 and 2002 can be carried back as an alternative tax net
operating loss (ATNOL) to reduce AMTI in 1999, 2000, and 2001;
and; (3) whether petitioner is liable for accuracy-related
penalties under section 6662 for the years at issue.
Background
The parties submitted this case fully stipulated pursuant to
Rule 122. The stipulation of facts, first supplemental
stipulation of facts, and attached exhibits are incorporated
herein by this reference. Petitioner resided in San Jose,
California, when he filed the petition.
1(...continued)
the Internal Revenue Code (Code), as amended. All Rule
references are to the Tax Court Rules of Practice and Procedure,
unless otherwise indicated. Amounts are rounded to the nearest
dollar.
2 The parties filed a stipulation of settled issues.
Petitioner concedes the reduction in wages of $134,023 and denial
of $204,709 of itemized deductions for 2000. Respondent concedes
that the correct deficiency for 2000 is $175,365; and assuming
the Government’s position is sustained, respondent concedes the
correct penalty under sec. 6662 is $35,073.
For 2001, respondent concedes that petitioner is entitled to
an itemized deduction for State income taxes of $224,879 and that
the prior year minimum tax credit in 2001 is contingent on
petitioner’s 2000 tax liability.
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