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Technology Stocks : Zitel-ZITL What's Happening
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To: dan grone who wrote (13107)11/26/1997 2:09:00 PM
From: Biomaven  Read Replies (2) of 18263
 
dan,

Bill is correct on the basis issue. Because King paid tax on the entire 100,000 shares, his basis in _all_ the shares gets stepped up to fair market value. Hence the sale of the 60,000 shares isn't taxable (although sometimes there is a small capital gain/loss because of commissions or the way the company defines fair market value), and the basis on the remaining shares gets stepped up as well.

Not relevant to ZITL, but just thought I'd keep the tax advice accurate!

Peter
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