Has anyone heard whether or not we are allowed to update basis on stock that was demutualized. One that comes to mind was the old Blue Cross/Athem that did this and gave everybody that paid preminums received stock. Old status was NO. Basis equalled ZERO. Any body know??
Demutalization
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Read TTB. page 6-10 -
I believe the Fisher Case
is a reasonable grounds. I have used it. It has come up with Prudential and Sun Life here. Those that filed protective claims to keep years open filed amended returns and I beleieve the IRS has had to respond by now and I have not heard anything.Comment
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Fischer Case still on appeal
There has been no finalization of the Fisher case. Irs lost and the appeal has dragged out.Comment
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having read the case
I would think that the old saying ignore it and it will go away, but in my limited opinion that if the IRS draggs this on could there be later repercussions in additional suits, even going past the statute of limitations for possible refunds?Comment
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