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The Trading Floor (Investing, Stocks, Bonds) Discuss investing and investments here! Do your own due diligence before investing. We are not responsible for any advice or recommendations within this forum!

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Old 02-23-2016, 03:19 PM
Baychamp1 Baychamp1 is offline
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Default Tricky IRS

So I received my annual brokerage statement (non IRA) & it contains a 1099 -B on a short term gain of a little over $2700 on a stock I sold or disposed of on 3/2/15, problem is I never sold any of it. Bottom line the company did an inversion on that date, looks like new IRS reg's on inversions gonna cost shareholders to pay taxes on the "realized" gain with no loss allowed. My question Is shouldn't I get a stepped up cost basis to reflect this if I actually sell these securities in the future? Any CPA's on here dealt with this yet, mine hasn't but he's fixin to.
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Old 02-23-2016, 09:45 PM
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bjhooper82 bjhooper82 is offline
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The owner of this site (ckinchen) is a CPA
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Old 02-23-2016, 10:26 PM
Baychamp1 Baychamp1 is offline
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Quote:
Originally Posted by bjhooper82 View Post
The owner of this site (ckinchen) is a CPA
Thanks, the company I was referring to is Mylan Labs - a generic drug maker, unfortunately my assumptions were correct. The IRS, according to their opinion has the right to tax shareholders even though shareholders have received 0 compensation in any form, much like a siezure of assets. We need a fiscal conservative in the White House & tax reform.
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Old 03-30-2016, 09:49 AM
Big Hutch Big Hutch is offline
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We need serious tax reform. Simplified and easy to understand. A flat tax with a maximum tax rate of 10% would be great. No taxes on investment income generated by money previously taxed such as in a CD or taxable investment account.

People would be amazed how much that would help the economy by increasing disposable income and increasing the incentive to invest.

It will not happen because the creation of tax loopholes are lucrative for those we elect to political office.

Just my 2 cents.
Robbie aka Big Hutch
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