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What, if any, specific reporting is required by IRS for the "gain" on shares of an ex-member departing charitable tax-exempt co-op? I'm in California so knowledge of co-op law is almost non-existent here. The members are mostly very poor so I'm guessing they are not a high priority for IRS. I don't see anything in the Form 990 instructions and my 2008 edition of Tax Management's Co-op Portfolio doesn't seem to cover this--Joel E. Miller ESQ where are you?
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You should consider consulting a California attorney who specializes in CA co-op law, rules, and regulations. Most of the contributors on this board are familiar with NYC co-ops, and I'm pretty sure this is little to no commonality between CA and NYC co-op rules and regulations.
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