On Jan 10, 2:14*pm, kam...[at]panix.com (Arthur Kamlet) wrote:
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MetLife, but you must sell all at one time. Orginial cost was $14.25,
currently about $59 so thats about $11,800 gain

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In article <UGqhj.62901$rc2.6765[at]bignews1.bellsouth.net> ,
Paul Thomas, CPA <paulthomascpapc[at]bellsouth.net> wrote:
- quote -






First, your gain is the net sales price less the cost basis. For
demutualized stock such as yours, the cost basis is zero. So
the gain is your net sales price.


There is a lawsuit is Chicago challnging the cost bais being zero,
but unless the court rules against the IRS position and you live
in that Court's jurisdiction, assume the basis is zero.


- quote -




Yes, the former 5% rate is now zero starting January 1 2008.
The 15% LT Capital Gains rate remains 15%.



- quote -

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ArtKamlet at a o l dot c o m Columbus OH K2PZH

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"Roy Starrin" <starrin[at]verizon.net> wrote
- quote -



As the law ~currently~ stands, yes, they will.




- quote -



Plan to make them (if necessary) based on when you sell the stock, only then
can you determine the tax ramifications.




--
Paul A. Thomas, CPA
Athens, Georgia

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As I noted when y'all were kind enough to help me provide some info
for my son, I have a question for me.
Many years ago when Metropolitan Life went public, those of us with
polices were issued stock, at no cost. Since my Dad was a Metropolitan
agent, I only had their insurance and wound up with nearly 200 shares
of stock.
I think the initial price was about $14.00. As I read my pub 14,
depending on income, my long term capital gain tax will either be 15%
or zero in 2008. It will be close. One factor is, again, since I did
not pay for the stock, is the gain the difference between $14 and
selling price or $0.00 and selling price? I doubt that there are fees
for the transaction, because all I have to do is call them and tell
them to sell (as I understand it).
And, I don't understand the possible 0% tax rate. Certainly the Feds
are not going to let me collect this money w/o any taxes.
I don't mind paying the taxes any more than anyone else, but do want
to ensure I pay estimated taxes this year if required.
TIA again!

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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >