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Line 14—Exercise of Incentive
Stock Options
For the regular tax, no income is
recognized when an incentive stock
option (ISO), as defined in section
422(b), is exercised. However, this rule
does not apply for the AMT. Instead,
you generally must include on line 14
the excess, if any, of:
1. The fair market value of the stock
acquired through exercise of the option
(determined without regard to any lapse
restriction) when your rights in the
acquired stock first become transferable
or when these rights are no longer
subject to a substantial risk of forfeiture,
over
2. The amount you paid for the
stock, including any amount you paid for
the ISO used to acquire the stock.
Even if your rights in the stock are not
transferable and are subject to a
substantial risk of forfeiture, you may
elect to include in AMT income the
excess of the stock's fair market value
(determined without regard to any lapse
restriction) over the exercise price upon
the transfer to you of the stock acquired
through exercise of the option. You
must make the election by the 30th day
after the date of the transfer. See Pub.
525, Taxable and Nontaxable Income,
for more details.
If you acquired stock by exercising
an ISO and you disposed of that stock in
the same year, the tax treatment under
the regular tax and the AMT is the
same, and no adjustment is required.
Increase your AMT basis in any stock
acquired through the exercise of an ISO
by the amount of the adjustment. Keep
adequate records for both the AMT and
regular tax so that you can figure your
adjustment. See the instructions for
line 17.
Form 3921. If you received a Form
3921, it may help you figure your
adjustment.