Janitor Bob Posted February 20, 2008 Report Share Posted February 20, 2008 Elderly client has a statement from her bank with dividend and 1099-B information. I see the following: Dividends from General Electric Capital Corp Medium Term Note....$5,278.79....this was $429.17 each month from May through December with final interest amount on 12/19/07 of $128.75 Proceeds from transaction as follows: General Electric Capital Corp Medium Term Note....Transaction Dtae 12/19/09 Price $92.85 Quantity: 100,000 Amount: $92,847.50 (Total proceeds from Brokerage transactions) Client is too ill to tell me what she did or when she did it. I am assuming that she purchased a medium term note and is now redeeming it? If so, I assume she is merely recovering her principle and the only thing taxable would be the interest stated above....Am I at least on the rigght track here? Trying to dig for more information, but it would be helpful if I knew what I was digging for. Thanks for all of you! Quote Link to comment Share on other sites More sharing options...
Booger Posted February 20, 2008 Report Share Posted February 20, 2008 JB, I would guess that your client purchased a $100,000 face value note, and there will be a capital gain/loss from the redemption. You could contact the Broker/Issuer who gave your client the 1099-B. It's been my experience that the issuer will be happy to answer your questions. Booger Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 20, 2008 Author Report Share Posted February 20, 2008 JB, I would guess that your client purchased a $100,000 face value note, and there will be a capital gain/loss from the redemption. You could contact the Broker/Issuer who gave your client the 1099-B. It's been my experience that the issuer will be happy to answer your questions. Booger I called US Bancorp (issuer of the 1099), but they would provide me with NOTHING unless taxpayer was with me and could verbally authorize....of course client is ill and not with me. Nobody else knows anything about this so I just have to wait until she is better and can speak with me? The problem is that her memory is gone and even taxpayer does not remember what the details of this transaction are. I also assumed this was $100,000.00 face value note redeemed, but I cannot be sure at this point. Quote Link to comment Share on other sites More sharing options...
Bart Posted February 20, 2008 Report Share Posted February 20, 2008 I called US Bancorp (issuer of the 1099), but they would provide me with NOTHING unless taxpayer was with me and could verbally authorize....of course client is ill and not with me. Nobody else knows anything about this so I just have to wait until she is better and can speak with me? The problem is that her memory is gone and even taxpayer does not remember what the details of this transaction are. I also assumed this was $100,000.00 face value note redeemed, but I cannot be sure at this point. Does she have a personal representative or anyone with power of attorney who you could deal with and who might be able to get you the information from US Bancorp? Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 20, 2008 Author Report Share Posted February 20, 2008 Does she have a personal representative or anyone with power of attorney who you could deal with and who might be able to get you the information from US Bancorp? I can contact her son (he dropped her stuff off to me) but he lives out of town and is hard to contact because he works 2nd shift. I will leave him a message and tell him what I need. I am not sure he has power of attorney....if not, he needs to get it quick...for many reasons. Quote Link to comment Share on other sites More sharing options...
Booger Posted February 20, 2008 Report Share Posted February 20, 2008 I can contact her son (he dropped her stuff off to me) but he lives out of town and is hard to contact because he works 2nd shift. I will leave him a message and tell him what I need. I am not sure he has power of attorney....if not, he needs to get it quick...for many reasons. JB, once you get past the rep problem, US Bancorp SHOULD be receptive to your questions. Hopefully you'll get the info you need to finish that one up. Booger Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 21, 2008 Author Report Share Posted February 21, 2008 JB, once you get past the rep problem, US Bancorp SHOULD be receptive to your questions. Hopefully you'll get the info you need to finish that one up. Booger Son pulled paperwork and confirmed it was indeed a note purchased for $100,000...So client has a capital loss...partially rolling over to next year. Quote Link to comment Share on other sites More sharing options...
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