Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Tuesday, July 16, 2024 | Back issues
Courthouse News Service Courthouse News Service

Brokers Must Classify|Gains on Client Sales

WASHINGTON (CN) - Securities brokers will have to classify their customers' gains as short term or long term when reporting sales to the Internal Revenue Service, according to a new IRS rule.

The rule is effective for sales after Jan. 1, 2011.

The rules also require taxpayers to notify their brokers of how to compute the basis, or relative gain or loss, considering changes in the value of the security over the life of the taxpayer's ownership of it.

Click the document icon for this regulation and others.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...