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Linn Co, LLC Message Board

  • ronharv ronharv Feb 28, 2014 9:28 AM Flag

    LinnCo and ROC

    Typically a company will send brokerages - for those who hold shares in street name - its final ROC determination from early to mid-March (although I've actually had corrections to corrections as late as May, which meant sending the IRS a 1040X). Meanwhile, dividends will be characterized as ordinary or qualified until such final ROC determination is made. I no longer have the reference (the LinnCo prospectus perhaps), but I do recall that for a number of upcoming years LinnCo's dividend will be largely, if not all, ROC. My guess is that any portion that isn't ROC will be mostly qualified. The upshot of all this is that I never file early and do taxes that are subject to change in pencil for easy erasure and recopying in ink around the first week in April.

    And for those who use an accountant, I suggest that you not assume that everything is being done correctly and that you learn enough to double-check what's being submitted to the IRS. Past errors (rarely in my favor) have led me to do my own taxes.

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