insurance audit
Question on taxes on income verification of insurance (funds) the company?
I have received a certificate for shares of a insurance company about 5 years ago. The insurance was a kind of ownership by the participants and the company was sold and the value is distributed to policy holders in the form of shares of the acquiring company. I'm assuming it was a form of investment funds disbursed. I recently sold the shares and have no idea how to determine cost basis of shares. The current company can only tell me the value of the shares on the day it was issued (do not know the date), but not how much they spent with previously. However much I tried I can find no previous information about the company or have any idea what to do. Certainly not want to pay taxes amont sold for the entire population, but do not know how to determine the cost basis and do not want audited and have no answers as to how to determine exactly how much I owe taxes. What should I do, how can I determine the cost basis to file my taxes?
There must have been a K-1 had to in the year it happened and the base of the population must be at the K-1. Consult your CPA or accounting firm that made the books of the company that was sold ……. good lucky
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