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Non-Tech : Any info about Iomega (IOM)? -- Ignore unavailable to you. Want to Upgrade?

To: Naggrachi who wrote (51076)	3/24/1998 9:45:00 PM
From: Linda Pearson	Read Replies (1) \| Respond to of 58324

Zead, <I have a couple mutual funds transferred to my account from a family member. I have sold the mutual funds and I'm now working on my taxes. Here goes: What cost basis do I use? The basis that it was originally purchased or the basis on the day of the transfer?> I believe (I AM NOT A CPA) that if the shares were transferred due to inheritance, the basis would be considered at the time of the transfer. Otherwise, the original purchase price would be utilized. You should see an accountant, because depending on the amount of $, the IRS might like to know about it.... A call to the IRS would probably yield an effective answer. You may be dealing with something that you have to fill out a few forms for... Linda

To: Naggrachi who wrote (51076)	3/24/1998 11:52:00 PM
From: Gemini	Respond to of 58324

I'm going through this exact process right now. If the transfer was a "gift", then the basis is the original or initial cost. In the case of an inheritance, it's the value at closing on the date of death. Double-check with your accountant. Allan

To: Naggrachi who wrote (51076)	3/25/1998 1:06:00 PM
From: Tom Carroll	Read Replies (1) \| Respond to of 58324

*OT* Tax basis for transferred mutual funds Zead, If the donor is still living, then it's the purchase basis. Sorry 'bout that. If the donor has, um, gone on to her or his reward and bequeathed them to you, then it's the price at close on the day of death. We found this out, one, when my mother died and left us half of her estate, and two, when my still very much alive father-in-law decided to make us a gift of some shares a couple of years ago. Check with your own professional advisor(s), though. I'm a historian, not a tax expert, an accountant, or an attorney, blah, blah, blah (disclaimer talk). Cheers, Tom (long IOM)