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.

Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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