rjsctcpa
Level 2
03-27-2021
03:32 PM
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there is some court precedent for the value on the day the shares are issued but irs disagrees and says it is zero
anyone dealt with this??...how did you report???
thanks & regards
bob
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sjrcpa
Level 15
03-27-2021
05:26 PM
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I've been using zero since IRS pronounced that.
Although it has been many years since I've actually done it.
Ex-AllStar
BobKamman
Level 15
03-27-2021
05:41 PM
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I explained the difference of opinion to my clients and let them decide.
rjsctcpa
Level 2
03-27-2021
06:05 PM
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Thank you
regards
bob
RCBCPA
Level 3
03-27-2021
06:17 PM
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UNUM Life Insurance did this in Maine several years ago. I used 0 for cost basis.