Archive: Legislation
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Dec 03, 2009
No CommentsTechnical Corrections Legislation Introduced in House Would Fix Glitches in Cost Basis Reporting for Dividend Reinvestment Plans
On Wednesday, December 2, 2009, House Ways & Means Committee Chair Rangel (NY) and Ranking Minority Member Camp (MI) introduced H.R. 4169, the Tax Technical Corrections Act of 2009 (the “Act”). The Act would make technical corrections to tax law provisions enacted under eight different prior pieces of legislation, including a few tweaks to the...
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Dec 01, 2009
No CommentsWorthless Stock, Selling Gains and Getting Your Cost Basis in Order Top List of Tips for 2009 Year-End Tax Planning
Tax season is still a few months away, but there are steps investors can take before the new year to help lessen their tax impact, according to experts at GainsKeeper and Capital Changes, both part of Wolters Kluwer Financial Services. While the financial markets did begin to rebound this year, investors have faced struggles in...
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Jan 21, 2009
No CommentsIRS Issues Proposed Regulations on Allocation of Basis to Stock in Corporate Transactions
January 21, 2009 On Jan. 16, 2009, the IRS issued proposed regulations on the allocation of basis to stock in a range of corporate transactions (the Proposed Regulations—REG-143686-07). The Proposed Regulations principally address the allocation of basis to stock in connection with returns of capital when corporations distribute cash or property in excess of current...
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Sep 24, 2008
No CommentsSenate passes cost basis reporting as part of Energy and Tax Extenders bill
The Senate, on a 93-2 vote, passed a bill that included cost basis reporting on September 23, 2008. It was part of the energy and tax extenders substitute amendments to HR 6049 that were introduced in the Senate Finance Committee Tuesday last week. Section 403 of the energy portion of the amended bill (the Energy...
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Sep 18, 2008
No CommentsCost Basis Reporting Update – Included in Active Senate Energy and Tax Extender Bill with New Effective Dates
Cost basis reporting is included in the energy and tax extenders substitute amendment to HR 6049 that was introduced in the Senate Finance Committee Tuesday and released yesterday (9.17.08). This bill is known as the Energy Improvement and Extension Act of 2008. It is marketed as a bipartisan bill introduced jointly by Baucus and Grassley—chair...
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Aug 11, 2008
No CommentsCost Basis Reporting Legislation: Remains Active in New House & Senate Bills
August 1, 2008 – Cost basis reporting remains on the legislative front-burner. On Thursday, July 24, Rep. Walz of Minnesota introduced a tax bill in the U.S. House that included cost basis reporting (the Middle Class Tax Fairness Act of 2008, H.R. 6595). On the same day, Sen. Baucus, Chair of the Senate Finance Committee,...
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Jun 13, 2008
No CommentsCost Basis Reporting Legislation One Step Closer: Passed by U.S. House in May 2008
Cost basis reporting appears even closer to becoming law. On Thursday, May 8, the U.S. House passed cost basis reporting (the May 2008 version of cost basis reporting) as part of the American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221). The vote was 322 in favor and 94 against. Cost basis reporting...