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The subject link is not working. The response was to this question:
link is
https://ttlc.intuit.com/replies/5393231Does the cost basis for a common stock reset upon death of an individual and transfer of that stock to their estate?
My real situation is:
- Trust sold common stock in 2024 to a bank holding company. Per the bank (in writing), it was not obligated to report the transaction because it was private, tender offer transaction where each shareholder had a choice to sell or not sell shares. It was an outright acquisition of the bank. No Federal reporting was submitted under the Trust EIN. Therefore, no tax return document except for a normal 1099-DIV
Question 1: Does Trust follow the Bank's position?? i.e. ; no reporting to IRS by the bank, therefore, no reporting by the Trust? (Distribution to beneficiaries was done.)
Background:
Pertinent dates below. If your direction is to report the sale, did the value reset in 1994 or 2011??
-Common Stock recorded purchase date in 1982; but NO purchase price recorded.
- Asset transferred to Revocable Trust in 1994 & was trading at 60% of year-end book value
-Trust changed to Irrevocable in 2011 upon death of original Grantor; book value question in process.
