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The first stock option transaction took place on February
25, 2002. Petitioner directed Morgan Stanley to exercise options
and sell the acquired stock for options that had been granted to
him on December 6, 1994 (939 shares), December 9, 1997 (1,078
shares), and December 8, 1998 (2,346 shares). Fluor provided to
petitioner an accounting of the February 25, 2002, transaction
entitled "Computation Worksheet for Non-Qualified Stock Option
Exercise for Shares". The worksheet recorded that the option
exercise resulted in the acquisition of the aforementioned 4,363
shares at a cost of $102,968.11 and their sale at a $165,367.70
fair market value on the exercise date. The difference,
$62,399.59, was recorded by Fluor on the worksheet as the "wage
element" of the transaction. Fluor withheld amounts for Federal
and State income and employment taxes from petitioner's
$62,399.59 proceeds.
The second stock option transaction took place on July 10,
2002. Petitioner directed Morgan Stanley to exercise options and
sell the acquired stock for options that had been granted to him
on September 11, 1995 (1,078 shares) and December 8, 1998 (783
shares). Fluor provided to petitioner an accounting of the July
10, 2002, transaction also entitled "Computation Worksheet for
Non-Qualified Stock Option Exercise for Shares". The worksheet
recorded that the option exercise resulted in the acquisition of
the aforementioned 1,861 shares at a cost of $55,946.43 and their
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