Personal Income Tax Planning

This Podcast deals with the coordination of the capital loss rules of 1211 and the alternative minimum tax.  In the case of Palahnuk v. Commissioner, 127 T.C. No. 9 the Tax Court once again dashed the hopes of a taxpayer who exercised highly appreciated incentive stock options only to see their value plummet before the year had expired that would allow the taxpayer to sell the shares and get long term capital gain treatment for regular tax purposes.The materials can be downloaded from http://edzollars.com/2006-10-14_Lets_Try_This_Again.pdf .Be sure to check out Michael Kitces' recent article on the AMT ( Qureshi v. U.S., 96 AFTR2d 2005-5949 (67 Fed. Cl. 783), 8/31/2005, Qureshi v. U.S., 98 AFTR2d 2006-6473, 9/6/2006)  at http://www.leimbergservices.com This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com