By a News Reporter-Staff News Editor at Real Estate Weekly News -- Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae" or "the Company,") announced that shareholder tax packages for the short-year ended July 10, 2013 are now available.
The tax packages for shareholders that held shares at any point between January 1, 2013 and July 9, 2013 are now available online through our website (www.munimae.com, under "Investor Relations" and "Tax Information and Shareholder Services") or directly through the MuniMae Tax Package Support Website: www.taxpackagesupport.com/munimae. The Company also anticipates mailing the tax packages during the week of February 17, 2014. For additional information shareholders can contact the Tax Package Support Center at (800) 575-9948. The Schedule K-1 included in the tax package reflects income allocable to shareholders from January 1, 2013 through July 9, 2013. This is the only Schedule K-1 to be issued for calendar year 2013.
As a reminder, effective July 10, 2013 the Company made an election to be taxed as a corporation for federal and state income tax purposes and all income earned on July 10, 2013 and later will be part of the Company's corporate tax return. As a result of this election, shareholders that held shares at any time between January 1, 2013 and July 9, 2013 will receive a Schedule K-1 and that Schedule K-1 will be marked "Final". In addition, for shareholders receiving a Schedule K-1, your tax basis in your shares will be determined after taking into account the activity included on the Schedule K-1. A "2013 Sales Schedule" is included with all 2013 tax packages to facilitate calculating your basis and will apply to any shareholder receiving a Schedule K-1, regardless of whether you disposed of your shares in calendar year 2013. If you purchased shares on or before July 9, 2013 and sold such shares at any point during 2013, then the 2013 Sales Schedule will assist you in determining the basis to be used on their Schedule D on your 2013 calendar year tax return. If you purchased shares on or before July 9, 2013 and you retained those shares, then the 2013 Sales Schedule will assist you in determining the basis in your retained shares which will be used on Schedule D during the calendar tax year the shares are sold. Any shares purchased on or after July 10, 2013 will not receive a Schedule K-1 and the basis in these shares generally equals the price paid, plus costs such as commissions.
In addition, if any changes are required to the "2013 Ownership Schedule" included in your tax package (due to unreported purchases, sales and/or transfers) please report the changes to the Tax Package Support Center by April 15, 2014 in order to ensure that the changes are reflected in the final 2013 tax return filing. Please see the instructions included with the 2013 Ownership Schedule.
Please consult your tax advisor for determining your basis in MuniMae shares and any items to be included on your tax return for the year ended December 31, 2013. In accordance with IRS Circular 230, any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding federal tax penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Keywords for this news article include: Real Estate, Municipal Mortgage & Equity Llc.
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