Linedata launches US tax module
Fintech provider Linedata has launched a US tax facility as part of the latest update to version 10.8 of its transfer agency solution Mshare.
Mshare is part of the Admin Edge platform, which is described as “an end to end fund administration solution for alternative, traditional and liquid alts funds.”
The facility built in for US clients now means users can obtain automated cost basis tax reporting. This calculates the cost basis for so called covered and uncovered mutual funds, using either a default tax lot accounting method, or another selected approach including FIFO, LIFO, Specific, LOFO, HIFO, average single categor, average double category and LGUT.
“The cost basis reporting solution also adjusts mutual fund data for any corporate actions, including name changes, splits, mergers, dividends and capital gains reinvested, and tracks and reports on wash sales. This module is supplied by cost basis calculation specialists NetWorth Services, Inc.,” Linedata said.
The update includes other enhancements, Linedata added, including the areas of Private Equity functionality, Cost Basis capabilities, and the Allocations module.
A new function is the “distribution waterfall”, which operates when a private equity fund liquidates underlying holdings in order to distribute fund assets. Recallable capital calls are included as a function in the Private Equity module functionality, which means captial can be recalled if a capital call is overinvested.