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United States : CenturyLink Announces Change in Tax Treatment of 2017 Dividends.

CenturyLink, Inc. announced a change in the reporting of dividends paid to its shareholders in 2017 as a result of the Tax Cuts and Jobs Act of 2017.

CenturyLink previously reported its 2017 distributions as taxable dividends. With revised reporting, these distributions are now considered to be return of capital (non-dividend) distributions. As a result of this change, shareholders who have already filed 2017 tax returns may be eligible to seek refunds on taxes previously paid on their 2017 dividends by filing amended returns.

The change in tax treatment will also affect the shareholders' tax basis in their shares. To assist investors with tax-basis reporting, Form 8937 (Report of Organizational Actions Affecting Basis of Securities) has been posted on the Investor Relations section of the CenturyLink website at Form 1099-DIV Information.

Shareholders should consult their tax advisor to determine how this change may affect their 2017 taxes.

Corrected IRS Form 1099-DIV statements reflecting the revised tax reporting of 2017 dividends will be mailed to shareholders. Shareholders who hold their shares through a bank or broker should expect to receive a corrected Form 1099-DIV from those institutions.

This change in tax treatment does not affect CenturyLink's net income, free cash flow or other financial results previously reported under Generally Accepted Accounting Principles (GAAP).

Additional Resources

Materials to assist investors with revised tax treatment can be found on the Investor Relations section of the CenturyLink website at Form 1099-DIV Information, including the following documents:

Form 8937 (Report of Organizational Actions Affecting Basis of Securities)

Attachment to Form 8937

Shareholder Letter

Frequently Asked Questions

This information is provided for informational purposes only and should not be construed as tax advice.

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Publication:Mena Report
Date:Jul 28, 2018
Words:290
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