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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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New Member

02/14/09 7:42am PST
Viewed by asker 02/17/09 4:46am PST

1099-DIV, Box 8 entry.

Clinet has entry in 1099-DIV, Box 8, Cash Liquidation Distribution. The client said the payer is an insurance company which went into rehabilitation. PROSERIES said it doesn't support Box 8 entries. Is this "Oher Income" or possibly a capital gain?

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Accountant Community AllStar

Accountant Community AllStar

02/14/09 8:30am PST

Best Answer - Chosen by the Community

Box 8 distributions are taxable as capital gain once you have recovered the basis in the investment. Until then, they are a recovery of your basis and not taxable. You need to keep track of them for possible future reporting of gains. See Publication 550 available at irs.gov

I am not young enough to know everything. - Oscar Wilde

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What type capital gain transaction is this?

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