signature formally requesting a CD from the Departmental Ethics employee’s Office. The employee returns the formal request letter to the Ethics Office. c. The USGS Ethics Office then forwards the formal request to employee’s the Departmental Ethics Office along with: (1) A copy of the financial disclosure report; employee’s (2) An opinion from the USGS Ethics Office that describes why divestiture of the property is reasonably necessary; and (3) A brief description of the Position Description. employee’s d. After reviewing the materials submitted by the employee as well as the materials from the USGS Ethics Office and ensuring that all requirements have been met, the Departmental Ethics Office sends the request to the Director of the OGE. If the request is granted by the Director of OGE, a CD will be issued and sent through the Departmental Ethics Office to the USGS Ethics Office. The USGS Ethics Office then forwards the CD to the employee. e. In order to qualify for deferral of capital gains, the employee must reinvest the proceeds from the sale of the stock divested pursuant to a CD into permitted property during the 60-day period beginning on the date of the sale. “Permitted means an obligation of the United States or a diversified investment property” fund (a diversified mutual fund or a diversified investment trust). Employees should consult with the Ethics Office to confirm they are investing the proceeds into Capital gains tax may only be deferred so long as the “permitted property.” proceeds of the sale remain in the rollover asset. There is no relief available when capital losses are sustained as a result of the divestiture. f. The employee must notify the USGS Ethics Office of the sale and reinvestment (with copies of the stock sale and fund purchase transactions). If an employee wants to request a CD, he/she must provide the information listed in paragraph a. above as soon as possible. If an employee does not wish to request a CD, he/she should divest his/her complete interest in the prohibited company within 90 days and provide the Ethics Office with a copy of a document that reflects the sale transactions. G. Pension Plans and Employee Stock Ownership Plans
employee’s signature formally requesting a CD from the Departmental Ethics Office. The employee returns the formal request letter to the Ethics Office. c. The USGS Ethics Office then forwards the employee’s formal request to the Departmental Ethics Office along with: (1) A copy of the employee’s financial disclosure report; (2) An opinion from the USGS Ethics Office that describes why divestiture of the property is reasonably necessary; and (3) A brief description of the employee’s Position Description. d. After reviewing the materials submitted by the employee as well as the materials from the USGS Ethics Office and ensuring that all requirements have been met, the Departmental Ethics Office sends the request to the Director of the OGE. If the request is granted by the Director of OGE, a CD will be issued and sent through the Departmental Ethics Office to the USGS Ethics Office. The USGS Ethics Office then forwards the CD to the employee. e. In order to qualify for deferral of capital gains, the employee must reinvest the proceeds from the sale of the stock divested pursuant to a CD into permitted property during the 60-day period beginning on the date of the sale. “Permitted property” means an obligation of the United States or a diversified investment fund (a diversified mutual fund or a diversified investment trust). Employees should consult with the Ethics Office to confirm they are investing the proceeds into “permitted property.” Capital gains tax may only be deferred so long as the proceeds of the sale remain in the rollover asset. There is no relief available when capital losses are sustained as a result of the divestiture. f. The employee must notify the USGS Ethics Office of the sale and reinvestment (with copies of the stock sale and fund purchase transactions). If an employee wants to request a CD, he/she must provide the information listed in paragraph a. above as soon as possible. If an employee does not wish to request a CD, he/she should divest his/her complete interest in the prohibited company within 90 days and provide the Ethics Office with a copy of a document that reflects the sale transactions. G. Pension Plans and Employee Stock Ownership Plans