What is Form 1099-CAP?
Form 1099-CAP is furnished to shareholders who receive cash, stock, or property from an acquisition of control or a substantial change in capital structure. The corporation's identity, form, or place of organization and/or the transfer/merging of a substantial amount of assets. Form 1099-CAP has a minimum entry of 100 million dollars. But if a shareowner invests in a company that has a big share a 1099 CAP may show up.
If a filer has a gain from the exchange, the filer will need to report it on the IRS Form 8949 when they file their income tax return. The IRS encourages the filer to designate an account number for all 1099-CAP Forms that are being filed. Truncation is not allowed on any documents the filer files with the IRS.
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