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Microcap & Penny Stocks : WCAP - Winfield Capital: Insider buying
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To: Top Jim who wrote (1084)7/14/1999 3:43:00 PM
From: Jason Compson  Read Replies (1) of 1305
 
To complete the tax discussion, it is my understanding that if a RIC retains the realized capital gains and pays tax on such gains, then shareholders are permitted to increase their basis in the stock of the RIC by 65% of the realized capital gains. To quote again from the TAXI 10K:

"Each stockholder would then be treated for federal income tax purposes as if the Company had distributed to such stockholder on the last day of its taxable year the stockholder's pro rata share of the net long-term capital gain retained by the Company and the stockholder had paid its pro rata share of the taxes paid by the Company and reinvested the remainder in the Company."

Check out the TAXI 10K. It's discussion of the taxation of RICs is clear and thorough.
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