Just started working on a return for a clinet with an RBC account. The 1099B shows a sale without basis and term unknown which was strange enough until I noticed the sales date of 1/2/2013. This is on a 2012 1099B, not a monthly statement. Even if I can determine basis should it even be reported?
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In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
Trade date or Settlement date? -
After talking with the broker I learned the 1/2/13 date was the settlement date. The trade date was 12/28/12. The wrong date had been used in preparation of the 1099B.
Later in the day I had a W&R 1099B with grossly understated basis on a bond fund. They were to have me believe the client made $20K on the proceeds of $45K. Speaking to that broker I learned they moved from their in house legacy system to a new brokerage system. For some investors in certain funds the carryover basis didn't carry over. Only the reivested dividends and capital gains figured in the calculation. If you have clients investing with W&R you might want to watch this.Last edited by DaveO; 03-16-2013, 01:37 PM.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
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