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Gold/Mining/Energy : Transocean (RIG) -- Ignore unavailable to you. Want to Upgrade?

To: Doug Skrypek who wrote (240)	10/18/1999 3:05:00 PM
From: diana g	Read Replies (1) \| Respond to of 366

Thanks for your response, Doug! But I was concerned about the necessity for recognizing gains as of May 14th on '99 individual US tax return, as was mentioned in the pre-reorganization materials sent to stockholders by RIG. RIG IR told me that probably ---gains must be recognized; ---losses may not be; ---individuals may use either the avg price or closing price of May 14, ---but that (here I quote from RIG IR) "I would also suggest that you consult a tax professional since tax laws pertaining to transactions like this can be interpreted differently." -------------------------------- I talked to a couple of tax pros who said they didn't know for sure; that I'd need to find someone who had experience with a company relocation of a similar sort. I sold. Used the proceeds to buy HAL when it plunged. I like RIG and will own it again, but I'm not willing to entangle myself in IRS esoterica. I'll just pay the Short Term cap gains on my profits, and since the bottom line will be the same tax-wise, I don't think I'll have a problem. I suggest that anyone who now owns RIG bought before 5/14/99 should figure out before year's end how they intend to handle this. I wouldn't want to open this can of worms on April 14th! <G> thanks again for your note, regards, diana