Taxpayer died on a Saturday. I believe I must use a blended amount for stock basis using first day before and first day after or something like that? Don't see anything in TTB but maybe all their clients die during the week.
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It's true . All my qualified clients died during the week.Originally posted by veritas
For those who died on Saturday I will use the friday basis because the basis will not change on saturdayLast edited by Brian EA; 04-06-2006, 08:34 PM.Everybody should pay his income tax with a smile. I tried it, but they wanted cash -
Friday close
I have always used Friday's closing price as a basis in inherited stock if someone died on a Saturday, Sunday, legal holiday Monday, Friday night, early Monday morning, OK, I'll shut up.I would put a favorite quote in here, but it would get me banned from the board.Comment
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Fmv
If you guys really want to do this right.
The FMV of a stock is the mean between the highest and lowest selling prices quoted on the valuation date. If only the closing selling prices are available, then the FMV is the mean between the quoted closing selling price on the valuation date and on the trading day before the valuation date.
If there were no sales on the valuation date, figure the FMV as follows.
See the instruction for Form 706 page 11 for the rest of the story.Comment
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Everything but....
Great answer, except the answer to the original question (died on Saturday) is left for everyone on the board to look up!! At least we know where to find it.Originally posted by UnregisteredI would put a favorite quote in here, but it would get me banned from the board.Comment
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