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Kansas | Received a letter from my local Coop today informing me that the Board of Directors had adopted a policy allowed by Article II, Section 3(b) of their Bylaws. This new policy allows for the allocation of Non-Qualified equities to it's members representing each member's fair share of the non-cash income the Coop received from other sources in their 2009 fiscal year. It goes on to say that these non-qualified equities match the Qualified patronage recieved & reported on form 1099PATR as taxable income.
The letter goes on talking in circles & pretty much comes across as some sort of lawyer/accountant tax loophole. So I was wondering if anybody out there could explain what exactly they are up to??.....
Edited by Myze 4/8/2010 22:52
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Non-Qualified Equity?
