Asset management reconciliation system and method

  • US 8,036,970 B1
  • Filed: 01/13/2004
  • Issued: 10/11/2011
  • Est. Priority Date: 01/13/2004
  • Status: Active Grant
First Claim
Patent Images

1. A method of automated real-time computing of cost basis of at least one asset comprising:

  • monitoring, by a computer, the reallocation of an ownership of at least one asset from a plurality of assets, wherein the asset is a financial asset;

    extracting in real time, by the computer and from at least one product system, reallocation data, asset information, and computed tax data associated with a the reallocation of the ownership of at least one asset,wherein the reallocation data comprises of reallocation reasons, and a reallocation value,and wherein the reallocation value comprises information relating to the value of the change in ownership of the asset,and wherein the reallocation of the ownership of the asset by the product system is triggered by at least one of;

    a marriage, an inheritance, a gift, a partial spin-off, a stock split with owner option, a partial sale of the asset, and a change to an accounting method for the sale of the asset;

    categorizing, by the computer, at least one asset into at least one of the reallocation categories based on the extracted reallocation data;

    transforming, by the computer, at least one reallocation category into at least one reallocation reason code, wherein the reallocation reason code comprises codified information relating to the reason for the change in ownership of the asset;

    re-categorizing, by the computer, the reallocation reason code into one of a plurality of tax treatment categories to establish a tax treatment re-categorization of the reallocation of the ownership of at least one asset,and wherein the tax treatment re-categorization is based upon the reallocation reason code, the asset information and the associated tax treatment of the reallocation;

    computing automatically, by the computer, a real-time adjusted cost basis of at least one asset based upon the reallocation reason code, the asset information, and the tax treatment re-categorization;

    storing, by the computer, the tax treatment re-categorization and the adjusted cost basis in a portfolio management system to enable tax-related calculations based upon the tax treatment re-categorization;

    extracting, by the computer, cost basis data and tax lot data from at least one product system to enable automated real-time reconciliation of the cost basis data and the adjusted cost basis;

    identifying, by the computer, at least a portion of the tax lot data that was affected by the reallocation;

    reconciling real-time, by the computer and based upon the tax treatment re-categorization, the cost basis data and the adjusted cost basis of the asset to at least one product system; and

    ,generating a report, by the computer, relating to the adjusted cost basis of the asset based on at least one of;

    the reallocation reason code, the tax treatment re-categorization and the adjusted cost basis of the asset.

View all claims
    ×
    ×

    Thank you for your feedback

    ×
    ×