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    searay622006's Avatar
    searay622006 Posts: 1, Reputation: 1
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    #1

    Feb 26, 2013, 02:55 PM
    1099b due to merger
    A stock in my minor sons name was bought out last year. I received a 1099b for $2700 even though I received new shares not cash. Now it's worth less than the cost basis. Is there anyway not to include the full amount in my return or should I file a separate return for my 16yo son. Thx
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Feb 26, 2013, 03:01 PM
    File a separate return for your son.

    Even without his personal exemption (you are going to claim him), he will likeky owe zero taxes.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Feb 26, 2013, 10:48 PM
    The stock bought out last year were sold for $2700. Based on your cost basis, you have loss or profit.
    For the new stock your cost basis is $2700.
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