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You have a long-term capital gain based on the difference between what you paid for the local bank's stock and what you received for it, assuming of course that you held the local bank's stock for 1 year or more...............
Thank you Mr. Grizey. What is the tax rate and is there a minimum or maximum taxable gain?
We received the funds on Wed. December 23. Our profit on this stock was $11,000 so if I am right my tax would be approximately $1650 based on a 25% bracket. Should I still review the estimated tax payment requirements due to timing of this payment?
Well I think I've "got it". I will check VA and forward whatever sum is due. As to the Federal return, we received a refund for 2009 and were not required to pay estimated tax so can I assume I will cover everything on my 2010 return?
Well looks like I should send an estimated tax payment to the IRS before the 15th.
I checked the 2210 and found it was for 2009 and thought I would have to wait for 2010 form. I really appreciate your help. Very enlightening, but of course, not what I wanted to heard re tax implcations when this all came about not by my choosing. You were a great help.