My client has a 1099-B with a redemption of a stock where it is showing an Ordinary Gain. Where and how do I report this so that it is not treated as a capital gain? I've gone over all the worksheets and forms but I can't seem to figure out how to get this treated as an ordinary gain. Thanks.
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Is this a short term capital gain? Then it is taxed as ordinary income.
It is a long term stock but on the 1099-B it is labeled at Ordinary Gain. That's why I'm confused. The date purchased is way beyond one year ago. I am not sure how to deal with this. There is also Interest Shortfall on contingent payment debt related to this stock.
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