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02-04-2009, 04:44 AM
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 Re: Capital Gains In article <64b4b976-10de-48a5-8f82-15e197d28c22[at]x38g2000yqj.googlegroups.com> , <morganmcgrady[at]gmail.com> wrote: - quote - > Good morning. I inherited stock from my grandmother when she passed > away. My grandmother had a life insurance policy with a mutually held > insurance company. When the company went public, the company gifted my > grandma the shares since she lost her voting stake in the company. > Thus, she never paid for them. I sold the stock this year so I am > trying to figure out what the cost or other basis is of the stock. Is > it 0 since she did not pay for them or the amount the stocks were > worth on the day of her death or the day I inherited them? I inherited > them a year after her death. Thanks! You received them a year later but inherited them at her death. Cost Basis is Fair Market Value on date of death unless the executor made a proper alternative valuation date of six months later. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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