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State of California Franchise Tax Board

California Backup Withholding on Proceeds from Broker and Barter Exchange Transactions (1099-B)

We issued the following letters concerning California backup withholding on proceeds from broker and barter exchange transactions (1099-B) to our stakeholders:

Composite statement for Form 592-B

"Composite statement" means one in which two or more required IRS statements (for example, Forms 1099-B and 1099-DIV) are furnished to the recipient on one document.

When brokers report Form 592-B information on a composite statement, they must follow specific requirements in conformity with Internal Revenue Code (IRC) Section 6045. Brokers must provide the composite statement to the recipient on or before February 15.

 

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