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To: Art Bechhoefer who wrote (115477)	3/13/2002 8:23:08 AM
From: Cooters	Read Replies (1) \| Respond to of 152472

And federal AGI includes an adjustment for long term capital gains. I believe you are incorrect. Fed AGI is broken up on Schedule D to determine taxes at varying blood-sucking rates, but the AGI is not modified that I can see.

To: Art Bechhoefer who wrote (115477)	3/13/2002 8:32:36 AM
From: Exacctnt	Respond to of 152472

<<<<And federal AGI includes an adjustment for long term capital gains.>>>> Federal AGI is not tax adjusted. Capital gain taxes are factored in on the tax payment line. Ohio is one state that allows no itemized deductions and also ignores capital gain reduction in rates. By not allowing itemized deductions, you can't even reduce income by schedule A's investment expense line. It's a real bitch if you had massive gains (like in 1999) and financed it on a margin account. They tax all the gross gains, and don't allow offsets. Regards