-4-
or traders. During 2001, petitioners sold 30,297 Veritas shares
acquired by the exercise of ISOs, for a total of $1,688,875.4
Petitioners timely filed their 2000 Federal income tax
return. On the return, petitioners reported regular taxable
income of $315,472, regular tax of $58,427, alternative minimum
taxable income (AMTI) of $5,990,714, AMT of $1,602,874, and total
tax of $1,661,301. On March 6, 2003, petitioners filed their
first amended 2000 return, reporting regular taxable income of
$261,835, regular tax of $56,039, AMTI of $4,180,033, AMT of
$1,099,051 and total tax of $1,155,090. Petitioners claimed a
refund of $506,451. On May 12, 2003, respondent issued a check
to petitioners in the amount of $575,471, representing a refund
of 2000 income tax of $506,211 and interest thereon of $69,260.
Petitioners timely filed their 2001 Federal income tax
return. On the return, petitioners reported regular taxable
income of $467,505, regular tax of $105,600, AMTI of negative
$3,537,753, AMT of zero and total tax of zero. On March 6, 2003,
petitioners filed with respondent their first amended 2001 income
tax return, reporting regular taxable income of $1,897,072,
regular tax of $414,212, AMTI of negative $2,249,867, AMT of
zero, and total tax of zero.
4The options qualified for incentive stock option treatment
under secs. 421(a) and 423(a).
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