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    stock options

    Here are the facts: 2003 stock option-Exchange Existing Shares for Options
    2003 option available- 222@17.975
    FMV per share@7/29/05=51.78

    Surrendered Cert No.11147 77 shares (cost 1585.00)
    77 shares x 51.78=$3987.06
    3987.06/17.975=221.81(rounded to 222 shares to be issued

    222 option shares x 17.975=3990.45
    77 cancel shares x 51.78 =3987.06 =Cash due 3.39

    In looking at TP 05 return no ISO or Schedule d showing any of this. TP now wants to sell these 222 shares. I think basis is $1585.00 + 3.39 =1588.39. I even checked his W-2 for that year(05)and Wages were not grossed up for the difference.

    Would you agree with me? Thanks
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