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Bidyut K. Bhattacharyya (petitioner) was born on October 8,
1955, and Diana T. Bhattacharyya (Mrs. Bhattacharyya) was born on
January 19, 1960. From July 16, 1984, until October 21, 2000,
petitioner was employed by Intel Corporation (Intel).
A. Income From Salary, Bonuses, Stock Options, and Other
Sources
During 2000, petitioner received compensation from Intel in
the form of a salary, bonuses, and through the exercise of
nonqualified stock options. On January 11, 2000, petitioner
exercised a nonqualified stock option granted by Intel to
purchase 800 shares of stock at $8.391 per share. The market
price on January 11, 2000, was $92.00 per share, resulting in a
realized gain of $66,887. On April 17, 2000, petitioner
exercised a nonqualified stock option granted by Intel to
purchase 5,000 shares of stock at $8.391 per share. The market
price on April 17, 2000, was $116.4062 per share, resulting in a
realized gain of $540,076. Petitioner exercised the nonqualified
stock options through an investment brokerage account with
Merrill Lynch (Merrill Lynch brokerage account).
Intel issued petitioner a Form W-2, Wage and Tax Statement,
for 2000 (the Intel Form W-2), which reported total wages, tips,
and other compensation of $746,191. Of that amount, $606,963
represented the gain realized by petitioner on the exercise of
the nonqualified stock options.
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