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Posted by John on February 25, 2007, 5:00 am
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Hello!
Schedule D has got me baffled!
Here's the story:
On 10/22/04, I bought 12 shares of Pixar at 79.86 a share
(958.32) + 9.95 commission + $1 confirm fee= $969.27
On 4/20/05, the 12 shares were sent to me in certificate
form ($30 fee)
On 4/22/05 (2 days later while the orignial 12 shares were
in the mail), Pixar had a 2 for 1 stock split, giving me
another 12 shares.
On 6/6/05, the 12 new shares were issued to me in
certificate form (another $30 fee)
On 6/1/2006 , the 24 shares of Pixar were converted (1 to
2.3) to 55.2 shares of Disney stock at 29.09. The 55 shares
went on into the plan..
I received a check for the fractional share (.2) x a share
price of $28.0329 = a $5.61 check.
Now on Schedule D:
On Part II (Assets held more than a year),line 8?? (I had the Pixar stock
for over one year, but the Disney stock was less than a year. Which section
of D do I use??
A: Description: . 2SH Disney (or Pixar)
B: Date acquired: ?? When I acquired Pixar or Disney?
C: Date sold: 6/1/06 ?
D. Sales price: 29.09 ?
E: Cost or other basis:??
F: Gain or loss: ??
Appreciate any help!
VR/
John
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<< that may be imposed upon the taxpayer. >>
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<< to this newsgroup as well as our anti-spamming policy >>
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Posted by news.verizon.net on February 26, 2007, 1:13 am
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> Schedule D has got me baffled!
>
> Here's the story:
>
> On 10/22/04, I bought 12 shares of Pixar at 79.86 a share
> (958.32) + 9.95 commission + $1 confirm fee= $969.27
>
> On 4/20/05, the 12 shares were sent to me in certificate
> form ($30 fee)
>
> On 4/22/05 (2 days later while the orignial 12 shares were
> in the mail), Pixar had a 2 for 1 stock split, giving me
> another 12 shares.
>
> On 6/6/05, the 12 new shares were issued to me in
> certificate form (another $30 fee)
>
> On 6/1/2006 , the 24 shares of Pixar were converted (1 to
> 2.3) to 55.2 shares of Disney stock at 29.09. The 55 shares
> went on into the plan..
>
> I received a check for the fractional share (.2) x a share
> price of $28.0329 = a $5.61 check.
>
> Now on Schedule D:
>
> On Part II (Assets held more than a year),line 8?? (I had the Pixar stock
> for over one year, but the Disney stock was less than a year. Which
> section
> of D do I use??
>
> A: Description: . 2SH Disney (or Pixar)
> B: Date acquired: ?? When I acquired Pixar or Disney?
> C: Date sold: 6/1/06 ?
> D. Sales price: 29.09 ?
> E: Cost or other basis:??
> F: Gain or loss: ??
I dunno! A $5.61 sale to calculate the gain on? If you
value your time claim zero cost. On the other hand, I
wonder if the IRS gets info on sales at that low value.
Al Levesque
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill on February 26, 2007, 1:13 am
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> Schedule D has got me baffled!
>
> Here's the story:
>
> On 10/22/04, I bought 12 shares of Pixar at 79.86 a share
> (958.32) + 9.95 commission + $1 confirm fee= $969.27
>
> On 4/20/05, the 12 shares were sent to me in certificate
> form ($30 fee)
>
> On 4/22/05 (2 days later while the orignial 12 shares were
> in the mail), Pixar had a 2 for 1 stock split, giving me
> another 12 shares.
>
> On 6/6/05, the 12 new shares were issued to me in
> certificate form (another $30 fee)
>
> On 6/1/2006 , the 24 shares of Pixar were converted (1 to
> 2.3) to 55.2 shares of Disney stock at 29.09. The 55 shares
> went on into the plan..
>
> I received a check for the fractional share (.2) x a share
> price of $28.0329 = a $5.61 check.
>
> Now on Schedule D:
>
> On Part II (Assets held more than a year),line 8?? (I had the Pixar stock
> for over one year, but the Disney stock was less than a year. Which section
> of D do I use??
>
> A: Description: . 2SH Disney (or Pixar)
> B: Date acquired: ?? When I acquired Pixar or Disney?
> C: Date sold: 6/1/06 ?
> D. Sales price: 29.09 ?
> E: Cost or other basis:??
> F: Gain or loss: ??
Cost-basis calculations are one of the most vexing issues
facing any tax preparer. When you add in the complexities
resulting from stock splits, acquisitions, etc., many reach
their wits' end.
First, congratulations for having kept accurate records of
all transactions, so you will eventually be able to properly
report your cost basis -- when you sell this holding.
Second, the precise reporting of your ".2 share" is simply
not worth your time to calculate. The actual proceeds -- $6
-- will quite probably make no difference in your tax due;
so my recommendation would be to simply report that as a
Part II, line 8 - long term gain, titled:
"Disney partial share"
Date acquired: Various
Date sold: actual date of income receipt/check
Proceeds: $6 (that's all you got, right?)
Cost: $1 (Rounding, without meticulous calculations - simply not worth
it. Subtract that $1 from your total cost basis for the net 55 shares
you actually retain.)
Gain: $5. Just math.
Keep on maintaining your records as meticulously as you
have, and your eventual sale of this asset will have an easy
cost-basis calculation. One suggestion: Sell it all in one
lump. It's not worth the reporting aggro to break up such
small holdings.
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by MyVeryOwnSelf on February 26, 2007, 1:13 am
Please log in for more thread options If shares are converted because of a merger or acquisition
or spin-off or split, the acquisition date is still the date
you bought the shares originally.
Basically, the shares may be renamed and renumbered, but
they're the same old shares for tax purposes.
So in your case, "long term" applies.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by ed on February 26, 2007, 1:13 am
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> Schedule D has got me baffled!
>
> Here's the story:
>
> On 10/22/04, I bought 12 shares of Pixar at 79.86 a share
> (958.32) + 9.95 commission + $1 confirm fee= $969.27
>
> On 4/20/05, the 12 shares were sent to me in certificate
> form ($30 fee)
>
> On 4/22/05 (2 days later while the orignial 12 shares were
> in the mail), Pixar had a 2 for 1 stock split, giving me
> another 12 shares.
>
> On 6/6/05, the 12 new shares were issued to me in
> certificate form (another $30 fee)
>
> On 6/1/2006 , the 24 shares of Pixar were converted (1 to
> 2.3) to 55.2 shares of Disney stock at 29.09. The 55 shares
> went on into the plan..
>
> I received a check for the fractional share (.2) x a share
> price of $28.0329 = a $5.61 check.
>
> Now on Schedule D:
>
> On Part II (Assets held more than a year),line 8?? (I had the Pixar stock
> for over one year, but the Disney stock was less than a year. Which section
> of D do I use??
>
> A: Description: . 2SH Disney (or Pixar)
> B: Date acquired: ?? When I acquired Pixar or Disney?
> C: Date sold: 6/1/06 ?
> D. Sales price: 29.09 ?
> E: Cost or other basis:??
> F: Gain or loss: ??
A. .2 sh Dis
B. 10/22/04
C. 6/1/06
D. $ 5.61
E. $ 3,73
F. $ 1.88
ed
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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