- 7 -
Mae stock that Ms. Kim acquired as a result of the exercise of
certain options granted under the Fannie Mae ESPP. Petitioners
also claimed in petitioners’ amended 2002 Schedule D long-term
capital losses of $6,410.70, $6,808.36, and $2,730 from the
respective sales of certain stock of three companies. In peti-
tioners’ amended 2002 Schedule D, petitioners (1) added the three
new long-term capital losses claimed in that amended schedule to
the $3,117.40 long-term capital loss that they claimed in peti-
tioners’ 2002 Schedule D included as part of petitioners’ 2002
return and (2) claimed long-term capital losses totaling
$19,066.46. In petitioners’ amended 2002 Schedule D, petitioners
netted the $4,234.94 of short-term capital gains and the
$19,066.46 of long-term capital losses claimed in that amended
schedule and claimed a net capital loss of $14,831.52.3
3As discussed above, in petitioners’ 2002 return, as pre-
scribed by sec. 1211(b), petitioners claimed as a deduction only
$3,000 of the $3,117.40 net capital loss claimed in the 2002
Schedule D included as part of that return. Thus, the $14,831.52
net capital loss claimed in petitioners’ amended 2002 Schedule D
did not entitle petitioners to a larger net capital loss deduc-
tion for 2002. However, the increased net capital loss claimed
in petitioners’ amended 2002 Schedule D did affect the amount of
petitioners’ claimed capital loss carryover to other taxable
years. See sec. 1212(b)(1).
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011