Stock Sale of Subsidiary to Third Party: What are the Reporting Obligations?
We sold the stock of a subsidiary this year to an unrelated third party. What is our reporting obligation for forms 1099 and 1042 for 2010? Are we required to report from January 1 to the date of sale? It seems that because the EIN of the subsidiary will now belong to the new owner as a result of the stock sale (not an asset sale), that the new owner would be responsible for all 1099 and 1042 filings for the year. If we both file forms for the same company/EIN, won't it create a problem with the IRS? Is this correct or have I missed something?
Annuity, Distribution, and Reporting on Form 1099-R
IRS instructions indicate to report distributions greater than $10. If there is a distribution from a deferred annuity contract-still in the accumulation phase-and everything distributed is non taxable income (a return of cost basis/principle), would we need to report this distribution on form 1099R?
Logically, it would seem no . . .
Should the amount withheld from inside shareholders in a disbursement . . .
Should the amount withheld from inside shareholders in a disbursement that was put into an Indemnity Account (with it's own EIN) be a 1099 B or a 1099 MISC? If it's B, I don't have any "# of shares exchanged" for box 5. If it's MISC is it "other income?"
Generally, insurance-type p . . .
Client A buys stock from client B in a private . . .
Client A buys stock from client B in a private transaction. Is there a 1099-B reporting responsibility? Client B is looking for a 1099-B for the sale. Does client A provide client B with a 1099-B?
If the sale is truly betwee . . .
How should we report the purchase of our company by . . .
How should we report the purchase of our company by another company?
If the company that was pur . . .