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NY TIMES RUNS STORY ABOUT MCLEOD AMT VICTIM
April 01, 2005
From yesterday's Times:
Windfall Never Came; Big Tax Bill DidRonald J. Speltz and his wife face a huge bill for taxes on income they could have had but never received. They have little in the way of assets to pay the bill, and now a tax court judge has turned down what may have been their last hope to avert financial ruin. Their troubles underscore how taxpayers can be tripped up by stock options if they do not know how to handle them properly. The options the Speltzes thought had made them wealthy instead brought on their current troubles.
The article gives some background on the Speltz family, who live in Ely, Iowa, and the politics behind the failure to remedy the Alternative Minimum Tax effect of ISOs when the ISO stock collapses.
Prior Tax Update coverage of the Speltz case:
TAX COURT TO MCLEOD AMT VICTIMS: SORRY, BUT YOU'RE STILL SCREWED
ATTORNEY IN MCLEOD ISO AMT CASE RESPONDS
Thanks to Tim Carlson for the pointer.
UPDATE: State 29 is experiencing a sympathy dearth.
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