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I have received a Form 1099-B, Proceeds from Broker ...

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I have received a Form...
I have received a Form 1099-B, Proceeds from Broker and Barter Exchange Transaction from Keyspan Corporation. In the box it calls the form "substitute copy B for recipients".
Submitted: 9 years ago.Category: Tax
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2/1/2008
Tax Professional: RD, Certified Public Accountant (CPA) replied 9 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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It is a substiute form used by the company to report the transactions. IRS allows reporting on such form. It does not affect your reporting requirements.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD
RD, Certified Public Accountant (CPA)
Category: Tax
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Customer reply replied 9 years ago
OK, I need to know is the amount on this substitute form taxable? Keyspan sold my shares, sent me the check, but since they were bought by National Grid, I have opened an account with them. In the past when one company became another I have not received a 1099. Why?
Tax Professional: RD, Certified Public Accountant (CPA) replied 9 years ago

Since they sold the shares, the gain on sale will be taxable.

You will report the sale on Sch D. You will also report your cost basis. The net gain from the sale will be taxable. The gain will be long term if the shares were held for more than a year.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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