Transfer Stocks to Disband Club Leaving Large Capital Losses
Gmmallette on
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Gmmallette on
Member basis before stock transfer was $28075.36, after stock transfer was $26539.09.
I then proceeded with a complete cash withdrawal, member basis before withdrawal was $26538.06, cash issued of $4148.86 left a gain/loss realized on withdrawal (B)-(A) ($22,389.20)
On Monday, December 19, 2022 at 03:22:02 PM PST, John Rice via bivio.com <user*24380400001@bivio.com> wrote:
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Stuart Lange on
Wouldn't it be simpler to sell everything, apportion the losses, distribute the cash, and let the members buy what they wanted with their cash? Just asking.
Member basis before stock transfer was $28075.36, after stock transfer was $26539.09.
I then proceeded with a complete cash withdrawal, member basis before withdrawal was $26538.06, cash issued of $4148.86 left a gain/loss realized on withdrawal (B)-(A) ($22,389.20)
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Stuart Lange on
And I'm sorry, but I have to ask, how did your club manage to lose so much? What was in the portfolio? Did you use the SSG?
On Mon, Dec 19, 2022 at 6:47 PM Stuart Lange <gslange@gmail.com> wrote:
Wouldn't it be simpler to sell everything, apportion the losses, distribute the cash, and let the members buy what they wanted with their cash? Just asking.
Member basis before stock transfer was $28075.36, after stock transfer was $26539.09.
I then proceeded with a complete cash withdrawal, member basis before withdrawal was $26538.06, cash issued of $4148.86 left a gain/loss realized on withdrawal (B)-(A) ($22,389.20)
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Steve Foster on
You should probably address this email to bivio support to see if they can determine if something was done wrong.
Their email address is: support@bivio.com
On Monday, December 19, 2022, 03:56:19 PM PST, Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:
And I'm sorry, but I have to ask, how did your club manage to lose so much? What was in the portfolio? Did you use the SSG?
On Mon, Dec 19, 2022 at 6:47 PM Stuart Lange <gslange@gmail.com> wrote:
Wouldn't it be simpler to sell everything, apportion the losses, distribute the cash, and let the members buy what they wanted with their cash? Just asking.
Member basis before stock transfer was $28075.36, after stock transfer was $26539.09.
I then proceeded with a complete cash withdrawal, member basis before withdrawal was $26538.06, cash issued of $4148.86 left a gain/loss realized on withdrawal (B)-(A) ($22,389.20)
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Gmmallette on
Ha, I just sent my third email to Bivio Support - seems a large void ever since Laurie retired - no help at all.
On Tuesday, December 20, 2022 at 12:15:26 PM PST, Steve Foster via bivio.com <user*26719700001@bivio.com> wrote:
You should probably address this email to bivio support to see if they can determine if something was done wrong.
Their email address is: support@bivio.com
On Monday, December 19, 2022, 03:56:19 PM PST, Stuart Lange via bivio.com <user*25028600001@bivio.com> wrote:
And I'm sorry, but I have to ask, how did your club manage to lose so much? What was in the portfolio? Did you use the SSG?
On Mon, Dec 19, 2022 at 6:47 PM Stuart Lange <gslange@gmail.com> wrote:
Wouldn't it be simpler to sell everything, apportion the losses, distribute the cash, and let the members buy what they wanted with their cash? Just asking.
Member basis before stock transfer was $28075.36, after stock transfer was $26539.09.
I then proceeded with a complete cash withdrawal, member basis before withdrawal was $26538.06, cash issued of $4148.86 left a gain/loss realized on withdrawal (B)-(A) ($22,389.20)
Our Club is disbanding so we chose to transfer all of the stocks remaining to members. The withdrawal report shows very large Capital Losses for several members ranging from -$5000 to -$50,000. Has anyone run into this situation and can you explain the reason why? Members are asking me if this is accurate information that will be on the K-1 becasue they may want to offset that loss with capital gains. Thank you
Becky Kruse on
Hi Glen,
For some reason, none of the messages you sent arrived at bivio support. Please send another message to us at support@bivio.com with detail about the withdrawal and we'll be looking for it and will be happy to help.