Determining Cost Basis: An Often Complex and Time Consuming Task Evaluation Services, Inc. Provides a Solution, with Technology that Can Calculate Cost Basis Immediately, Accurately, and Economically
- OLD TAPPAN, NJ, September 09, 2005 - In the current environment of corporate splits, spin-offs, divestitures, CUSIP changes, and the like, figuring an accurate cost basis of a security for tax purposes can become a time consuming and complicated task, requiring substantial research and time spent thumbing through reference books, and searching online for help. Despite the time and effort, given the convolution of the history of certain stocks, some might not be able to compile enough details to catch all the changes and corporate actions.
ATandT is the prime example of the extraordinary complexity of tax preparation demands today. Since 1983, ATandT has spun off seven "Baby Bells," divested Lucent Technologies and National Cash Register (NCR), had a 3 for 2 stock split, and a 1 for 5 reverse split. Spin offs such as AirTouch, Ameritech, and Pacific Telesis, have even merged into other companies or spun off themselves.
According to Charles S. Rossmann, chief operating officer of Evaluation Services, Inc., (www.appraisenj.com), a provider of securities pricing information, "Because of the complexities that many professionals face in determining the true cost basis for stocks like ATandT, they"ve had to waste a lot of valuable time, and often end up making educated guesses, which typically err on the side of caution, reporting higher figures than necessary."
In response to the need to accurately determine the cost basis for securities, Evaluation Services, Inc. entered into a partnership with Xcitek, a leading global provider of corporate actions automation, to offer historical cost basis with tax allocation factors, corporate actions, transfer/paying agents, and Xcitek"s exclusive cost basis calculator.
By supplying the security, price paid, amount purchased, date of purchase and date of sale, the calculator can automatically compute the adjusted cost basis, taking into account all splits, spin-offs, distributions, and other cost basis-effecting corporate actions. "The Cost Basis Calculator can do in seconds what might otherwise take days," said Mr. Rossmann. "In an instant, cost basis is determined for any security and over any holding period back to 1900." The Cost Basis Calculator generates the date of each corporate action, the type of corporate action, and the allocation, with a running total of current cost and current shares.
"We offer a one-stop solution for professionals searching for securities information. Our state-of-the art technology takes over the burden of generating accurate information, reducing their research time and keeping their costs down," said Mr. Rossmann. "Evaluation Service"s accurate reports give peace of mind to our clients, and helps them to assure that their clients they are fully compliant with all IRS regulations. Where else can you go but to the Xcitek calculator to determine the cost basis for ATandT in seconds?"
14.12.2005 - 20:20 Source: 24-7pressrelease.com | Read: 3488 X
