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Posted by kkallmes on February 13, 2007, 5:22 pm
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s...@panix.com (Seth Breidbart) wrote:
>> I sold shares in an S-corp, but the person who bought the
>> shares never notified the government so I never received a
>> 1099.
> The government doesn't issue those. A buyer doesn't have to
> either.
>> What should my next step be? Is it illegal and/or
>> unethical to leave this income ($6500) off of my tax return?
> Your next step is to pay the appropriate tax (the shares are
> probably capital gain). Not paying is illegal.
>
> (Or do you mean that the S corp allocated you $6500 that it
> should have allocated to him because he owned the shares?
> In that case, you don't include it, and try to get the S
> corp to correct the documents it sent you.)
Thanks very much to all who answered. I put the income on
Sch. D as recommended -- the shares went to an individual,
no to the company, but I was able to fill in all the
information in any case. I feel much better now.
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