AFTER 35 YEARS WE WILL BE CLOSING THE BUSINESS ON MAY 31. WE WILL NOT BE ABLE TO PROVIDE TECHNICAL SUPPORT!
Owners Of LSI Corporation Will Sell Their Stock To Avago Technologies
The owners of LSI will most likely have to report a taxable sale for 2014.
If you owned AT&T you might own LSI Corporation. AT&T spun off Lucent Technologies. Lucent Technologies spun off Agere Systems. Agere Systems merged with LSI Corporation.
When Avago Technologies buys LSI, you should report this gain or loss on Form 8949 and/or Schedule D of your tax return. To lower your gain or increase your loss you will need to know your tax cost basis in LSI stock. Most of the AT&T related mergers and acquisitions have been tax-free. This will not be tax-free, since the sale is for cash not stock.
On December 16, 2013 Avago Technologies Limited (symbol AVGO) and LSI Corporation (symbol LSI) announced that Avago intends to purchase LSI stock for $11.15 per share. This is expected to happen in the first half of 2014.
On April 9, 2014 LSI Corporation announced that its shareholders approved the Avago purchase of LSI stock for $11.15 per share. This is still expected to happen in the first half of 2014.
On May 6, 2014 LSI Corporation announced that the sale to Avago has been completed. LSI Corporation shareholders will receive cash for this sale.
The AT&T and LSI cost basis (or stock basis) can most easily be computed using the AT&T Divestiture Basis Tracker. You can order the Denver Tax Software, Inc. AT&T Divestiture Basis Tracker.
How Did I Get LSI Logic Stock?
Many investors are asking where did the LSI stock come from? Here are the ways that this could have happened:
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