Subject: The way current tax code is written it will take 43 years before I get all of my money back, and without interest! ISO-AMT is the equivalent of Comment: Dear Chairman Mack and Vice-Chairman Breaux your urgent attention is needed, please do everything you can to FIX this ridiculous policy. Please find my last Summers testimony to the Ways & Means Committee below. Scott Frisoni Chicago, IL $286,000 AMT Liability for 2000 In 2000, I exercised stock options with the company I work for, PurchasePro.com. As the stock market continued to fall, I was forced to sell my stock well below the price I paid for them to pay my 2000 AMT bill. I paid my 2000 AMT taxes in the amount of $286,000 after getting nothing back from the sale of my stock. I was married in December of 2000 and our family has been set back a great deal financially. I had to sell many of my assets and borrow a large amount against my house. We are way too young to have financial problems for the rest of our lives. The way current tax code is written it will take 43 years before I get all of my money back without interest! I am now stuck holding onto thousand of shares of a company that is out of business with NO HOPE of recouping my money. |