chrispapera
Junior Member
South Carolina
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
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