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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I was an Intel employee for 7+ years ( 1993 -2001) and received

Customer Question

I was an Intel employee for 7+ years ( 1993 -2001) and received stocks from the employee stock participation plan. my records have been lost so I don't know what the basis is for my stocks and have a need to sell some shares now. where do I start to reconstruct this information? Thanks, Faith.
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

Hi and welcome to Just Answer!

The first step is to contact your broker and verify number of shares and dates these shares were granted.

Most likely - if shares were vested - the fair market value was included into your income at the time of vesting - and that may be used as your basis. If you purchased shared below the FMV - the difference should be included into your taxable wages - so you may use the FMV as your basis.

Here is historical prices for the period (1993 -2001) you received shares - http://finance.yahoo.com/q/hp?s=INTC&a=00&b=1&c=1993&d=11&e=31&f=2001&g=d

 

I am attaching that information here for your convenience - Intel Corporation (INTC).xls

 

You also need to consider reinvested dividends that are also added to the basis.

and received stocks - see here - http://finance.yahoo.com/q/hp?s=INTC&a=00&b=1&c=1993&d=11&e=31&f=2001&g=v

 

Unfortunately - the most important part - re-created a record of purchases and number of shares - you would need to do on your own if your broker doesn't retain these records.

Let me know if you need any clarification.

Customer: replied 2 years ago.
Lev, If the unfortunate part that I needed assistance with. So while I appreciate your answer I'm really not better off then when I first sent in the question.
Expert:  Lev replied 2 years ago.

There is no magic...

If you expect me to have a record of your purchase dates and number of shares - let be honest - your expectation are unrealistic.

Only you and your broker who recorded transaction may have such records.

As you do not keep records - your only chance is to contact the broker.

 

If you already contacted the broker and there is no records - you are out of luck - and may do your best to re-create these lost records.

When you will have a list - at least approximated - with purchase dates and number of shares - you may use historical prices I posted above to calculate your basis.

 

I completely understand your frustrations - and if the answer has no value for you - you may simply ignore it.

However - if you need any clarification or help with other tax related issues - you are welcome to keep posting.

Expert:  Anne replied 2 years ago.
Hi

Different expert here. I'm assuming that when you say your records were lost, you're speaking about your personal records.

If that's the case, then you can go back to Intel as they should have some record of the # of stocks you received and the cost, although it may take them a little while to compile the information, and they may charge you a little bit to get that information.

If I were you, this is where I would start.

If you already tried this route and it was Intel that misplaced your records, then you should follow the expert;s advice above.

I hope this helps.
Customer: replied 2 years ago.
This was helpful thanks.
Expert:  Anne replied 2 years ago.
You're welcome.....

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