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Discussion:Qualified Small Business Stock

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Discussion Forum Index --> Basic Tax Questions --> Qualified Small Business Stock


Discussion Forum Index --> Tax Questions --> Qualified Small Business Stock

CATAXES (talk|edits) said:

20 January 2009

Client owned shares of his employer (C Corp). Corporation was bought out (for cash) in 2008. I think shares may qualify as QSBS. Who makes this designation? If it is QSBS will it be reported as QSBS sale on 1099?

Kevinh5 (talk|edits) said:

20 January 2009
the tax professional makes the determination based on applying the appropriate code and regs

Kevinh5 (talk|edits) said:

20 January 2009
Internal Revenue Code:Sec. 1202. Partial exclusion for gain from certain small business stock

CATAXES (talk|edits) said:

20 January 2009
Thanks. I figured a "tax professional" would be involved. I just didn't know if it would be at the corporate level or the shareholder level.

Kevinh5 (talk|edits) said:

20 January 2009
Sorry, that does seem unclear. I've never seen it done at the corporate level, although having an understanding of the corporation (to determine whether the stock meets the requirements) is very necessary.


RGB123 (talk|edits) said:

27 October 2010

I understand all the requirements of Qualified Small Business Stocks. But is there a registration or an election process? I don't see anywhere except how to report the gain in Sch. D.

Thanks..

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