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In 1992 my Grandfather put into trust shares of a family business . The trust was irrevocable.
My father was 1/3 owner of the trust. He passed away in 2006. His 1/3 of the shares passed from the trust to my brother and I. The company bought out our shares in Feb of 2008.
What is the tax basis on these shares? The company bought out several other family members in 1989 for 12,000 per share.
Awaiting your comments.
Chris Papera
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- 08-21-2008, 12:24 PM #1
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- Aug 2008
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Tax Liability assets received from Trust
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- 08-21-2008, 12:34 PM #2
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- Mar 2006
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Are you a successor beneficiary or did you inherit the shares?
When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne) -
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