Staying in the Loop: Recent Updates in the World of Cost Basis Reporting – June 22, 2011

Earlier today the U.S. Internal Revenue Service (IRS) issued a new set of interim guidance under 1012 of the Internal Revenue Code on issues relating to the basis of stock. Under 1.1012-1(e) of the Income Tax Regulations, taxpayers may use the average basis method to determine the basis of stock in a regulated investment company (RIC).

You can read the full details of the guidance here:

The IRS is also requesting comments on any issues that might arise under this notice. Comments should be submitted in writing on or before August 8, 2011, and should include a reference to Notice 2011-56.

Get in touch with us to learn more about how these and future changes will impact you –

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