GE had been a long term holding. Percent allocation of cost basis to new spinoff stock (for example, .2 for 20%) 7. Spinoff ratio (for example .5 in a 1 for 2 spinoff) 6.
Basis was reported to the IRS.In February, GE shareholders received 0.005371 shares of Wabtec common stock for each share of GE. I did find more information that raises additional questions.“Under this modified structure, the spin-off will be considered a taxable dividend for U.S. federal income tax purposes.”“In some cases, spin-offs have a dual character. It’s not clear if that means taxable to the shareholder or parent company.The fractional shares that were sold were reported and resulted in a small short term capital loss. The dividend was 100% qualified.It was a taxable transaction but both the whole shares of Spin Co that resulted and the fractional CIL share of Micro Focus International were reported on the 1099B as long term that reflected my long term holding of the original HPDQ which spun off HPE so it’s a bit surprising to see yours reported as ST instead.My brokerage shows the transaction as a stock-split. Your cost basis for 100 shares of ABC is therefore 7% of $5,000.00, or $350.00 with an acquisition date for holding period purposes of 7/1/2004 (not the date of the actual spinoff.) GE shareholders will directly own approximately 24.3% of Wabtec on a fully diluted basis and GE will own common stock and non-voting convertible preferred stock which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis, up from the 9.9% stake that GE would have owned under the originally announced transaction terms. I received the cash from the fractional shares in February and recently sold the remaining whole shares. Percent allocation of cost basis to original stock (for example .8 for 80%) 8. Under realized capital gains, my brokerage is showing the fractional share distribution as a short term capital loss, and the sale of the whole shares as a short term capital gain. Purchase date of original stock (tax lot) 5. Maybe this is a case where we will be told to consult a tax advisor. Accomplished leaders building GE’s legacy.Answers to popular and relevant inquiries.Access important shareholder information.Explore GE’s recent and historic SEC filings.Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors.Together with our customers, we’re proving that no one is ever limited to only affordable, reliable, or sustainable energy.Learn how we’re delivering on our priorities.We’re continuing to do all we can to support our customers and employees during this unprecedented time.
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