When is the cost basis of a stock stepped up?
When an individual inherits a stock, its cost basis is stepped-up to the value of the security, at the date of the inheritance. In the eyes of the federal government, stepped-up cost basis is an expensive provision of the tax code, which only benefits wealthy Americans.
Who is the new owner of the Forum?
The Forum in Inglewood has a new owner, and his name is Steve Ballmer. The former Microsoft CEO, through his company CAPSS LLC, has reached an agreement to purchase the entertainment complex from Madison Square Garden Company for $400 million in cash, the company said in a statement.
Who are the members of Congress who voted for the STOCK Act?
Democratic Congresswoman Nancy Pelosi’s office called the report a “right-wing smear.” While Republican Speaker John Boehner’s office called his inclusion in the story “idiotic.” But now, at least 93 members of Congress have signed on as cosponsors of the Stock Act, and for the first time the bill has been introduced in the Senate.
Is it illegal to sell stock with inside information?
And they’ve conveniently written them in such a way that they don’t apply to themselves. The buying and selling of stock by corporate insiders who have access to non-public information that could affect the stock price can be a criminal offense, just ask hedge fund manager Raj Rajaratnam who recently got 11 years in prison for doing it.
Can a non stock item be credited to an inventory account?
There are situations in which you can use an inventory or asset account here for non-stock items but they are unusual and you should talk with me or another Sage 50 certified consultant first to make sure it will work they way you expect. For stock items, this account also gets credited for the cost of the item when it is sold.
What happens when you sell a non stock item?
When you sell a non-stock item, no cost gets associated with that sale so you can’t determine profit for that item (there is one exception that I’ll cover later). Non-stock items usually post to a cost of goods sold account or expense account at the time of purchase, so the the timing of that cost may not match the timing of the related income.
Who is the owner of a stock after death?
However, the process is different if the decedent held stocks on his or her own. If a person who holds stocks designates a beneficiary prior to their death, then that beneficiary becomes the owner of the stock once the holder passes.
What happens to my stock when the company gets acquired?
First of all, a buyout is typically very good news for shareholders of the company being acquired. Suitors tend to pay a significant premium to the target’s current market price to ensure