IRS offers guidance on calculating cost basis

10/13/2010 | Wall Street Journal, The · Securities Technology Monitor

The Internal Revenue Service has offered guidance on a rule requiring mutual fund companies and stockbrokers to provide cost-basis calculation on securities sales. The IRS is also giving brokerages and custodians a bit of leeway on reporting transfers of stock on behalf of clients next year. No penalties will be levied for failing to report 2011 transfers. The industry welcomed that move. Ellen McCarthy, managing director of government affairs at SIFMA, said the group appreciates that authorities are being "responsive to our request for transition relief on transfer reporting."

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Wall Street Journal, The · Securities Technology Monitor

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