Section 83 says that stocks you receive, that are subject to a risk of substantial forfeiture (i.e. if you leave the co. early you lose the stock), are not income when they are given to you at any price less than FMV (ingoring the risk of loss). An 83(b) election allows you to take the stock as income (at what you believe is a low price) so that when you sell the stock later it's all capital gain with a low basis from the time of the election. You do this usually with start up stocks that you hope will go up very much at a later time. Without the election, when the risk disappears, then you have compensation (wages). So it appears to me, since you had income from the delivery of the shares, that they were not subject to risk of forfeiture and thus, you could not have made a Section 83(b) election.
Eric P. Rothenberg, P.C.
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