Conference Call re Cost Basis Reporting on Gifted and Inherited Shares-Tuesday, March 23, 2010, at 4:00 pm ET
[24184]
March 12, 2010
TO: TAX COMMITTEE No. 8-10 RE: CONFERENCE CALL RE COST BASIS REPORTING ON GIFTED AND INHERITED SHARES-TUESDAY, MARCH 23, 2010, AT 4:00 PM ET
A joint conference call with the Tax Committee and the Broker/Dealer Advisory Committee and Transfer Agent Advisory Committee Cost Basis Reporting Task Forces will be held on Tuesday, March 23rd, 2010, at 4:00 pm ET. The purpose of this call is to discuss in further detail the proposed regulations regarding cost basis and transfer reporting on gifted and inherited shares.
As we previously reported, [1] the proposed regulations provide that gifted and inherited shares are covered securities for purposes of section 6045(g) of the Internal Revenue Code and therefore are subject to cost basis and transfer reporting. We will discuss the proposed regulations and whether further comments on this issue should be provided to the Internal Revenue Service. In preparation for the call, please review the proposed regulations regarding gifted and inherited shares and consider: (1) whether the proposed regulations as written can be applied by brokers and mutual funds; and (2) what modifications should be made to the proposed regulations to make the rules more administrable.
To participate in the conference call, please complete the attached response form and return it to Ezella Wynn by e-mail (ewynn@ici.org) or fax (202-326-5841) no later than the close of business on Monday, March 22nd. The dial-in number for the call is 888-704-0559 and the passcode is 49151.
Karen Lau Gibian
Associate Counsel
endnotes
[1] See Institute Memorandum (24045) to Bank, Trust and Recordkeeper Advisory Committee No. 57-09, Broker/Dealer Advisory Committee No. 69-09, Operations Members No. 31-09, Small Funds Members No. 78-09, Tax Members No. 39-09, and Transfer Agent Advisory Committee No. 95-09, dated December 22, 2009.