I have owned Abbott and Abbvie stock for many many many years. Recently got more into investing in general and started digging into each stock and their tax implications. Came across Abbott/Abbvie "High Impact Business (“HIB”) Schedule 1299-C".
Just been paying fed/state taxes for many years on these stocks. Not sure I understand about foreign trade zone and is designated a “High Impact Business” concept and the 1299-C form. Can anyone explain to me what this is, how it works, what the impact is to my taxes (assuming positive)? Not a lot out there about it and struggling to understand short of opening like TurboTax and doing a mock walk thru of what it does.
One other item, is there a path to deal with taxes I paid that I probably shouldn't have for let's say the last 18 years around this Illinois specific item?
