Mark Spitz - Page 14

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          sections 56, 57, and 58.  Allen v. Commissioner, 118 T.C. 1, 10,            
          20-21 (2002).                                                               
               There are no provisions within sections 55 through 58 and              
          the accompanying regulations excluding capital loss limitations             
          under sections 1211(b) and 1212(b) from the calculation of an               
          individual’s AMTI.  To the contrary, as explained by the Joint              
          Committee on Taxation:                                                      
                    For most purposes, the tax base for the new                       
               alternative minimum tax is determined as though the                    
               alternative minimum tax were a separate and independent                
               income tax system.                                                     
                    In certain instances, the operation of the                        
               alternative minimum tax as a separate and independent                  
               tax system is set forth expressly in the Code. * * *                   
                    In other instances, however, where no such express                
               statement is made, Congress did not intend to imply                    
               that similar adjustments were not necessary. Thus, for                 
               example, for [alternative] minimum tax purposes it was                 
               intended that section 1211 (limiting capital losses) be                
               computed using [alternative] minimum tax basis * * * .                 
               [Staff of Joint Comm. on Taxation, General Explanation                 
               of the Tax Reform Act of 1986, at 438 (J. Comm. Print                  
               1987).]                                                                
          Therefore, the capital loss limitations of sections 1211(b) and             
          1212(b) apply in calculating a taxpayer’s AMTI, and petitioner              
          may not carry back the excess AMT capital losses recognized in              













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