TITLE

Cost-Basis Reporting: More Than Just a Number

AUTHOR(S)
Kentouris, Chris
PUB. DATE
January 2010
SOURCE
Securities Industry News;1/11/2010, Vol. 22 Issue 1, p16
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article looks at cost-basis reporting rules from the Internal Revenue Service (IRS) requiring firms to adjust for losses and gains that are treated as a wash, short sales and the impact of corporate actions in the U.S. The new rules were included in the Emergency Economic Stabilization Act which was enacted in October 2008 and will come into force on January 1, 2011. Nico Willis, chief executive officer (CEO) of NetWorth, says the new policies will require financial firms to run multiple cost-basis methodologies simultaneously.
ACCESSION #
47734130

 

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