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Author: pwhitten Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121179  
Subject: Cost basis of stock sold Date: 4/15/2008 12:18 AM
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Looks like I'm going to file for an extension, this is way too complicated for me.

I got married in January 1966. My ex-fiance (long story) gave ME (not us) one share of ATT as a wedding gift. I signed up for their DRIP, and I think I sent $50. once to ATT to purchase additional shares sometime in 1966 or 1967. So every quarter my little nest egg grew a little bigger.

Then there was the breakup of ATT in 1986 (?), stock splits, spin-offs, mergers, etc., and I somehow have to determine the cost basis of 200 shares that I sold last year.

I tried to have TurboTax figure it for me, but that didn't work.

Because of activity such as a merger, acquisition, or spin-off related to AT&T INC, you could have been given any one of these investments.

TurboTax gave me s list of 9 stocks to choose from, 3 have the symbol T, the others look like they may have been spinoffs. I tried to one of of the AMERICAN TEL AND TELEG CO stocks, but TurboTax was unable to find any historical data.

So I went back to TurboTax and said I would enter the information. Now I am supposed to enter the fair market value on date of gift, and original owner's cost basis amount. Then I need to enter all of the splits, plus 42 years of reinvested dividends, and who knows what else. They're kidding, right? This was 42 years ago! SO now I have to spend a few weeks digging thru boxes of old stuff, and hope that maybe I might have some historical information buried away somewhere.

Now assuming I have all that data, which is not likely, since we have moved multiple times in 42 years, I could end up spending a small fortune to have some accountant figure out my capital gains.

Do I have any other options? I'm getting a stomach-ache thinking about all those small amounts of stocks in all those companies (Bell South, Lucent, Avaya, Comcast, and who knows what else) that I have accumulated. Maybe I'll just file my return tomorrow without including this sale of stock, and write to the IRS and ask them to send me a bill for the capital gains on a sale of 200 shares that netted $7309.

I'm also getting a headache, because I just realized I have less than 24 hours to get this done. I'm giving up and going to bed.

Peg
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