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njtw
Level 2
June 10, 2020

Section 1202 exclusion of gain on qualified small business stock

  • June 10, 2020
  • 1 reply
  • 8 views

I'm just seeking confirmation that the Section 1202 exclusion of gain on QSBS does NOT apply to sale of stock by a shareholder who PURCHASED the stock from an 'original' owner.

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    1 reply

    George4Tacks
    George4Tacks
    Level 15
    June 10, 2020

    Hi there,

    You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

    Cheers!

     

    Answers are easy. Questions are hard!
    N
    njtwAuthor
    Level 2
    June 11, 2020

    This is for one of my clients who is seeking a second opinion. Thanks.

    itonewbie
    itonewbie
    Level 15
    June 11, 2020

    In your client's case, §1202 will not apply since it was not purchased at its original issue directly or through an underwriter.  See §1202(c)(1).

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