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#3
02-11-2004, 02:37 PM
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 Re: Litigation Income Bob L wrote: - quote - > Several years back I owned shares in Cendant Corp that was
You only say you owned the stock several years back, but> hit with a shareholder lawsuit. The suit was settled and in > 2003 I received a check as my share of the settlement. > The statement I received with the check states that: "..the > tax treatment of this distribution varies based upon the > individual circumstances and tax status of each Claimant > (shareholders). Accordingly, neither we (the law firm > representing the shareholders) nor the Claims Administrator > are able to determine the appropriate tax reporting for any > Claimant. ..." > I assume that this income should be treated as ordinary > income but Cendant has not sent me any sort of 1099 or other > tax form. Cendant's website is of no help either. I > assume that the IRS somehow knows that I and other > shareholders received this income since the total > distribution was over $3 billion. Help please. don't say whether or not you still owned it at time of the award. Seems to me this would make a difference. Although I'm not yet sure what difference. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-10-2004, 04:47 AM
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| Re: Litigation Income Bob L wrote: - quote - > Several years back I owned shares in Cendant Corp that was
I would lean toward long term capital gain treatment, if I> hit with a shareholder lawsuit. The suit was settled and in > 2003 I received a check as my share of the settlement. > The statement I received with the check states that: "..the > tax treatment of this distribution varies based upon the > individual circumstances and tax status of each Claimant > (shareholders). understand the cause of the distribution correctly. If you had still owned the stock, it would be a basis adjustment. But I'd have to look closely at the details. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-10-2004, 03:11 AM
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| Re: Litigation Income "hermzoid" <stonitschh[at]nospam.colts.nfl.com> wrote: - quote - > I am in your same position. I'm a CPA but only practice on
So what is your non-gospel word? Is the check I received> the side so don't take my word as gospel. taxable as ordinary income? Also, shouldn't I receive something from Cendant or the lawfirm if information about this check is sent to the IRS? Bob L << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-06-2004, 10:55 AM
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| Re: Litigation Income Bob, I am in your same position. I'm a CPA but only practice on the side so don't take my word as gospel. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-05-2004, 07:38 PM
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| Litigation Income Several years back I owned shares in Cendant Corp that was hit with a shareholder lawsuit. The suit was settled and in 2003 I received a check as my share of the settlement. The statement I received with the check states that: "..the tax treatment of this distribution varies based upon the individual circumstances and tax status of each Claimant (shareholders). Accordingly, neither we (the law firm representing the shareholders) nor the Claims Administrator are able to determine the appropriate tax reporting for any Claimant. ..." I assume that this income should be treated as ordinary income but Cendant has not sent me any sort of 1099 or other tax form. Cendant's website is of no help either. I assume that the IRS somehow knows that I and other shareholders received this income since the total distribution was over $3 billion. Help please. Bob L << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| income, litigation |
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