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Posted by Mark Bole on March 13, 2008, 1:44 pm
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D. Stussy wrote:
[...]
>
> Technically, a nominee 1099-B should also be prepared. The mother will need
> an ITIN if she doesn't have an SSN.
>
> The broker probably assigned 100% of it to the daughter because it realized
> it screwed up and didn't withhold the 30% it should have for income to a
> foreign person.
I have been searching for some time, well before this thread, on how a
1099-B could be "nomineed", and have never found anything. Now that you
are indicating it should be done, could you please point me to a pub,
reg, or code section where the process of issuing a nominee 1099-B is
described? The instructions for Form 1099-B don't describe use of
1099-B in a situation such as that described above, at least not that I
can find.
It seems to me like the stock ownership should have been handled with
one-half of the shares being transferred to each person, then each would
do whatever they wanted with their inheritance. Given that mistakes
happen and trust terms are not always followed, does the IRS want what
"should have happened" reported and appropriate explanatory statements
attached to returns?
-Mark Bole
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