Will my capital gain/loss reported on the 2010 Average Cost Accounting Statement be the same on my state and local personal income tax return as it is on my federal personal income tax return?
A. State and local calculations of capital gain (loss) are usually the same as the federal calculation. However, your state or locality may have special rules that result in a different amount or treatment of gains or losses. To determine whether an adjustment is necessary, please read your state and local personal income tax form instructions or consult your tax advisor.
