Wolters Kluwer Financial Services today announced that Davenport & Company LCC is using the BasisProâ¢ cost basis analyzer to significantly reduce the amount of time it spends performing complicated calculations and research of cost basis and corporate action history of securities. Offered by GainsKeeper, a part of Wolters Kluwer Financial Services, BasisPro easily and automatically calculates historical cost basis for all equities traded on any U.S. stock exchange.
Davenport completes cost basis calculations and related corporate action research on a daily basis. When a security has a complicated or unknown corporate action history, it can take hours or even days to accurately research the cost basis, an expensive and often frustrating process. Now using BasisPro, employees can generate the correct cost basis within seconds by quickly and easily accessing BasisProâs built-in database of historical information for thousands of different securities.
âWolters Kluwer Financial Servicesâ industry-leading cost basis tools and information give investors and institutions simple ways to manage complicated tax issues related to cost basis,â said Chuck Ross, general manager, GainsKeeper. âBasisPro is an extension of our excellence in this area.â
For complex corporate actions, BasisPro relies on the industry standard tax analysis provided by CCH Capital Changes, also a part of Wolters Kluwer Financial Services. The Internal Revenue Service (IRS) also uses CCH Capital Changes data to verify and research corporate action information on taxpayer returns, which means BasisPro users have access to the same cost basis data that the IRS uses.
âBy using BasisPro, we are saving our administrative support staff what could easily add up to hundreds of hours each year in tedious manual cost basis research and calculations,â said Winston Price, vice president and Service Delivery manager, at Davenport. âAnd we are happy with the fact that BasisPro uses CCH Capital Changes data, which we have come to know and trust as one of the best sources of accurate corporate actions information.â