Does anyone happen to know the tax consequences of forgetting the 83b?
For example:
Jan 1, 2000: it's day 1 of a new job and you forward exercise 100k options at $.01/option (total price = $1000). You forget the 83(b) form.
Jan 1, 2004: you quit on your 4 year anniversary, and the (still private) stock you own is now worth $1/share, which means the FMV of your stock is $100k.
Jan 1, 2009: your company IPOs at $10/share, so the FMV of your stock is now $1 million.
What is your tax status? Do you pay capital gains on $1 million - $1k? Capital gains on $1 million - $100k and AMT on $100k - 1k? Something else?
For example: Jan 1, 2000: it's day 1 of a new job and you forward exercise 100k options at $.01/option (total price = $1000). You forget the 83(b) form.
Jan 1, 2004: you quit on your 4 year anniversary, and the (still private) stock you own is now worth $1/share, which means the FMV of your stock is $100k.
Jan 1, 2009: your company IPOs at $10/share, so the FMV of your stock is now $1 million.
What is your tax status? Do you pay capital gains on $1 million - $1k? Capital gains on $1 million - $100k and AMT on $100k - 1k? Something else?