OPL payout

sendagain · 11-30-2007, 07:26 AM

Since we seem to have received the last distribution of the OPL liquidation, does this mean we can now right off the stock as a loss on our taxes? I seem to remember something about this when they first started liquidation.

ups79 · 11-30-2007, 07:58 AM

Quote:

Originally Posted by sendagain

Since we seem to have received the last distribution of the OPL liquidation, does this mean we can now right off the stock as a loss on our taxes? I seem to remember something about this when they first started liquidation.

Yet to see the .545 dollars per share pay off in my Wachovia account. Are you even illegible for a loss, when my OPL shares were purchased when the thrift plan was closed out and these money's were never taxed in the first place.

UPS Lifer · 11-30-2007, 08:28 AM

There is no loss unless you paid more than the shares sold for. It does not matter how much the shares went up. For example - You paid $10 a share and the shares went up to $85 a share. The final payout was $12 - you still made $2 a share. There is no loss. This is just an example. If the final payout was less than $10 a share you can apply the loss against any gains you had for that tax year. It does not matter whether the stock was taxed, it only matters if there was a gain or a loss.

sendagain · 11-30-2007, 10:45 AM

The payouts over the years were treated like a dividend distibution on stocks held outside of a retirement account, but we were never allowed to declare a loss until the company was completely liquadated. Now that the shares are worth zero, I am wondering if I declare my entire purchase price as a loss.

FAVREFAN · 11-30-2007, 11:00 AM

Sendagain, definitely a question for your acountant. What a bunch of b.s. that all turned out to be. It's funny how U.P.S. ended up winning that case with the I.R.S. over the taxes. So why did it have to be liquidated? I never understood. Good luck. I only had 200 shares of O.P.L.

tieguy · 11-30-2007, 11:36 AM

Quote:

Originally Posted by FAVREFAN

Sendagain, definitely a question for your acountant. What a bunch of b.s. that all turned out to be. It's funny how U.P.S. ended up winning that case with the I.R.S. over the taxes. So why did it have to be liquidated? I never understood. Good luck. I only had 200 shares of O.P.L.

The IRS was going after every year of its existence. The legal expenses were going to be extensive. The companys getting a lot of bad press sounding like tax evasion. So we took our victory over the first 4 or 5 years of the plans existence and settled on the rest of the years.

To me its another side of the corporate structure. No guts. Once we had our victory we should have beaten the irs into the ground. They created the laws and we took advantage of them. If they don't like that then they should change the laws not penalize us. There were many corporations taking advantage of those laws the IRS clearly came after us because we would provide the issue some high visibility and scare the other corporations into submission.

AmYisroelChai · 11-30-2007, 03:07 PM

Attachment 268

Attachment may help.

trickpony1 · 11-30-2007, 04:38 PM

Quote:

Originally Posted by tieguy

........the IRS clearly came after us because we would provide the issue some high visibility and scare the other corporations into submission.

paranoid delusions?
delusions of persecution?

tieguy · 11-30-2007, 04:56 PM

Quote:

Originally Posted by trickpony1

paranoid delusions?
delusions of persecution?

Ask Carey he's suffering from both.

over9five · 11-30-2007, 06:18 PM

Ouch!!!!!!!!!!!!!!!

satellitedriver · 11-30-2007, 07:21 PM

Quote:

Originally Posted by trickpony1

paranoid delusions?
delusions of persecution?

Typical, 1 TP response.
1 sheet at a time.

trickpony1 · 12-01-2007, 05:22 AM

satellitedriver-
thanks....maybe someday I can be as wonderous, as magnificent and as stupendous as you.

satellitedriver · 12-01-2007, 10:13 PM

Quote:

Originally Posted by trickpony1

satellitedriver-
thanks....maybe someday I can be as wonderous, as magnificent and as stupendous as you.

You are welcome.
Just click your heels together three times and you might get your wish.
It must be lonely for you being stuck in the Land of OZ.

FAVREFAN · 12-04-2007, 10:42 AM

Tieguy, they went after the old TYCO in the exact same way. Bermuda based back then. thanks for the update on the O.P.L. outcome.

tieguy · 12-04-2007, 11:53 AM

Quote:

Originally Posted by FAVREFAN

Tieguy, they went after the old TYCO in the exact same way. Bermuda based back then. thanks for the update on the O.P.L. outcome.

thanks its a legitimate issue that needs to be reviewed. The company haters love the fact that the IRS gave UPS a rough time of it. But if you can look past that issue then what you have here is an overzealous government agency abusing its power. A company the size of UPS does not do something on a whim. They do so because they believe the tax law allows them to do so. If the IRS does not like this then they should close the loophole not file unwarranted lawsuits against that company.