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Form 1099-Div has cash liquidation figure on it for 1181.51, is it taxable? client says she put it in her account.
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Liquidating distributions (cash or noncash) are a form of a return of capital. Any liquidating distribution you receive is not taxable to you until you recover the basis of your stock. After the basis of your stock is reduced to zero, you must report the liquidating distribution as a capital gain.
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