Yes, the exemptions apply to certain types of holdings.  I've reviewed the form, and actually don't have any clients that have a liability.  My main concern was whether my client who has $377k worth of proceeds, but a $1,300 net long-term loss had to file at all.  I'm going with the penalty section of the law that says the penalty arises when there is a tax owed and no return is filed. 

Meaning - no taxable gains, no return necessary.