>>borrow enough to pay his AMT, thus enabling him to defer sale long enough to qualify for l-t capital gain, or (b) time the option exercise for the beginning of the tax year to buy extra time to raise the tax payment by the following April 15th.
It's not a liquidity issue, it's a tax rate issue. If AMT hits, you basically pay ordinary income tax rates on the spread at exercise. So there is no advantage over an NQ - the LTCG is a mirage. So you may as well just sell the shares upon exercise.
Peter
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