Enter one Security, get tax cost basis for many New York, NY. February 14, 2005 â Xcitek LLC, a leader in the delivery of market data solutions to the financial community, today announced that significant enhancements to its proprietary cost basis calculator are now available to its Cost Basis Service subscribers.
Already the only service enabling users to âturn back the clockâ to derive tax cost basis on securities, the enhanced version now features the ability to factor-in merger elections and other voluntary events, a backward reference capability to wade through mergers, acquisitions, splits, spin-offs and distributions to help identify the original issue, and results that not only show the cost basis on the original security, but also on any security which may have emanated from the original.
Using AT&T as an example, the previous version would have derived the tax cost basis only on the primary security. To get cost basis on the âBaby Bellsâ, Lucent and other securities, each would have been entered into the calculator individually. The new version provides the cost basis on the original, each distributed security (Baby Bells, Lucent, NCR and others) and every security that came out of those as well (Agere, Avaya, Vodafone, etc).
"The vast majority of investors do not have tax lot accounting tools tracking the cost basis on their securities," said Charles W. Price, Senior Vice President, Xcitek LLC. "Our Cost Basis Calculator is the most efficient way for their broker or advisor to provide them with this critical information. By integrating into the calculator features that make complex tasks quick and easy, we are increasing the value of the calculator to our client base by making them better able to serve their clients."