- quote -

If you walked into the office of a tax professional, he/she
would expect you to bring copies of the decision in the
Raytheon class-action lawsuit, your proof of purchase, your
proof of loss, etc.

We have no idea of what your loss was, how many warrants you
received, the FMV of the warrants, whether or not you wrote
off any or all of your loss on prior tax returns, etc.
Didn't I ask you about this in a previous response?

I'll give a rough estimate of your basis, but I am doing so
with NO knowledge of your situation which makes this estimate
the same as one you could get from a bartender. It is the
that portion of your loss that you have not written off as a
capital loss on prior tax returns - maybe?

And read the disclaimer below!

Dick

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"Paul Thomas, CPA" <paulthomascpapc[at]bellsouth.net> wrote:
- quote -

I became part of the class by filling out and returning
paperwork showing proof of purchase, etc. to the law firm
that was heading up the suit.

"Seeking a tax professional" is what I thought I was doing
here.

704set

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"704set" <704set[at]anywhereyouwant.com> wrote
- quote -

First, I'd need to know what was your loss, how the class action
compensated you for that loss (warrants, cash, and whatelse), and
what was the FMV of each as of the date of compensation.

Second: You have a mildly complex tax situation. To advise you,
someone has to comprehend the decision of the class action suit.
Which means you explain it here and pay someone to do it for you.

Finally: Whatever you read in this newsgroup is properly
classified as non-binding opinions of tax professionals or as
I like to say "Tell the IRS Auditor you read it on the Internet."

Dick

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"704set" <704set[at]anywhereyouwant.com> wrote
- quote -

For starters, what caused you to be part of the Raytheon suit
in the first place?

Your best bet would be to seek the guidance and counsel of your
local tax professional who can take a look at all that you have
going on and determine what basis, if any, yo have.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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"Paul Thomas" <paulthomascpa[at]bellsouth.net> wrote:
- quote -

And what information would you require?

704set

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

704set wrote:

- quote -

Their fair market value which will also be the income you
recognize from the settlement (or part of it).

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704set <704set[at]anywhereyouwant.com> wrote:

- quote -

I usually don't bet on either 0 or 00 (double zero)
but I will in this case.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"704set" <704set[at]anywhereyouwant.com> wrote
- quote -

I take it that you don't have your own tax advisor.

The safest thing to do is to have a $0 tax basis. But, one
would have to have the ability to look into the underlying
facts and circumstances that gave rise to you being a part
of the class to determine what, if any, basis you have.

No one here is going to just spit out a number greater than
$0 because no one here has the information necessary to give
you that answer.

--
Paul A. Thomas, CPA
Athens, Georgia

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I received Raytheon warrants from a class action settlement.
The Raytheon web says to consult your tax advisor regarding
tax ramifications from the sale.

What would be the cost basis?

704set

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >