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Thursday, May 01, 2008
Wells Fargo Acquires Flatiron Credit Co.
MarketWatch
MarketWatch Pulse
SAN FRANCISCO -- Wells Fargo & Co. said Thursday its Wells Fargo Bank NA unit acquired TD Banknorth N.A.'s Denver-based Flatiron Credit Co. unit for an undisclosed amount. The San Francisco financial services company said all employees of Flatiron, an insurance premium finance company, will remain with the company.
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Cost basis is the cost at which you entered a position or purchased an asset. It is the total price you paid for, say, your house, a stock, mutual fund, etc...--and by total we mean including all commissions, accrued interests and other expenses. Cost basis is used to determine tax liabilities.
For example, if you bought 100 shares of IBM at $111.45, and IBM is now worth $120 a share, the current value of the position is $12,000, but the cost basis is $11,145.
Do the math and you'll see this would give you a profit of $855, so, Uncle Sam's piece would be based on that.
