Fiduciary Trust International

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IRS Cost Basis Reporting Requirements Reflected in Your Statements

January 2011

The Emergency Economic Stabilization Act of 2008 requires that Fiduciary Trust report cost basis information to the IRS, beginning with 2011 year-­end Federal tax forms. Securities covered by this new IRS legislation will be introduced in three phases:

  • 2011 - Corporate stock acquired after December 31, 2010

  • 2012 - Securities purchased through Regulated Investment Companies (e.g., mutual funds) and Dividend Reinvestment Plans (“DRPs”) acquired after December 31, 2011

  • 2013 - All other specified securities, including bonds and options acquired after December 31, 2012


CHANGES YOU MAY NOTICE ON YOUR STATEMENTS

Fiduciary Trust has updated and streamlined its cost basis reporting systems. As a result, there are two changes you may notice in your January 2011 statement:

  • Beginning January 2011, clients who did not receive “Gain/Loss Reports” in the past will automatically receive this report. It provides useful cost basis information, including acquisition and sale dates, cost and gain/loss figures.

  • Some clients will see “Memo Entry Tax Lot Tracking” notations on their January 2011 Account Detail Report for each security in their account. This is simply a memo notation, indicating we are now tracking cost basis information by tax lot for that holding - you will not see this entry on future statements.

VIEWING YOUR STATEMENTS ONLINE TO SAVE TIME AND SAVE PAPER
Fiduciary Trust account statements may be accessed online, and you may opt for online viewing in addition to, or in place of, receiving statements in the mail. If you view statements online and suspend monthly mail delivery, you will receive a printed copy of your year-­end statement.

Should you have questions or need assistance, please feel free to contact your Fiduciary Trust representative or Custody Relationship Manager.

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To set up an appointment or to learn more about Fiduciary Trust, please contact J. Chisholm Lyons in our New York headquarters at (866) 624-3834 or c.lyons@ftci.com. You may also complete the information below and we will respond to you as soon as possible.

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