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Facts:
1) In 2015, I filed 8621 for an Offshore Mutual Fund (MF) with a gain of $x during 2014. $x was declared as an ordinary income on 2015 return.
2) I sold the MF in April 2015.
Questions:
1) For 2015 calculation, do I consider the base value to be what was the purchase price in 2014 + $x, the gain declared?
2) Since I sold the MF mid-year, and didn't own it for the full year, should I pro-rate any gain or loss for 2015?
1) In 2015, I filed 8621 for an Offshore Mutual Fund (MF) with a gain of $x during 2014. $x was declared as an ordinary income on 2015 return.
2) I sold the MF in April 2015.
Questions:
1) For 2015 calculation, do I consider the base value to be what was the purchase price in 2014 + $x, the gain declared?
2) Since I sold the MF mid-year, and didn't own it for the full year, should I pro-rate any gain or loss for 2015?
