Form 5498 – FMV of terminated company
An IRA had an ownership interest in a closely held business, but that company liquidated and terminated in September 2015. Form 5498 requires a December 31 valuation date. Since the company technically did not exist at year end, is a fair market value of the ownership necessary for 5498 reporting purposes?
Permalink Submitted by Alan - IRA critic on Thu, 2016-05-12 17:00
No 5498 for 2015. Was there a 1099R reporting a distribution of any remaining assets?
Permalink Submitted by Paul Hasenjager on Mon, 2016-05-16 16:07
No 1099R, but the Custodian did receive a small check (less than $500).
Permalink Submitted by Alan - IRA critic on Mon, 2016-05-16 17:29
Sounds like the $500 was retained by the custodian for fees, perhaps account closing fee.