Posted By Sue Helder on 02/13/2007 3:35 PM
Ingersoll Rand changed their dividend payout from a dividend to a "Ingersoll-Rand Company Limited's 2006 distribution shareholders is classified under the U. S. Tax Code as follows:100% is a nontaxable return of capital. The tax treatment of the distribution (dividends vs. return of capital) is reported to sharholders on Form 1099. This form has been mailed to shareholders in January 2007. Please note that these dividends are qualified under the Jobs and Growth Tax Relief Reconciliation Act of 2003." The club's brokerage firm listed this income line 3 of our 1099 DIV. Can anyone tell me how this should be handled when using Club Accounting on-line? I want to resolve this issue before closing the books and issuing the K1's. Thanks