Entering taxable corporate spin-off, Qkn 2019

GE recently did a taxable spin-off of Wabtec stock. How should this be ent ered in Qkn 2019? The Help message says to (1) enter a MISC INC transaction from GE, with the amount being the value of the spun-off shares, followed by (2) an ADDED transaction for the new shares in Wabtec. However, in doing this, the miscellaneous income stays in the cash balance of the account. How should this be handled?
Reply to
John K

exact treatment of the Wabtec spinoff so that your cost basis of GE stock can be allocated between GE and the new Wabtec shares. If you received a fractional share it was sold and one must calculate the CapGain so need cost allocation.
If you find official GE info please post here since when I searched I cannot find it yet.
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Zaidy036
Reply to
Zaidy036

exact treatment of the Wabtec spinoff so that your cost basis of GE stock can be allocated between GE and the new Wabtec shares. If you received a fractional share it was sold and one must calculate the CapGain so need cost allocation.
I have been searching for the official GE info online and cannot find it so please post the source if you find it.
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Zaidy036
Reply to
Zaidy036

ntered in Qkn 2019? The Help message says to (1) enter a MISC INC transacti on from GE, with the amount being the value of the spun-off shares, followe d by (2) an ADDED transaction for the new shares in Wabtec. However, in doi ng this, the miscellaneous income stays in the cash balance of the account. How should this be handled? Since this corp spin-off is taxable, I'm pretty sure the original GE cost b asis is not allocated between the GE shares and the Wabtec shares. I just found out the cash-in-lieu for the fractional share, which I assume is taxa ble income.
Reply to
John K

"John K" wrote
GE recently did a taxable spin-off of Wabtec stock. How should this be entered in Qkn 2019? The Help message says to (1) enter a MISC INC transaction from GE, with the amount being the value of the spun-off shares, followed by (2) an ADDED transaction for the new shares in Wabtec. However, in doing this, the miscellaneous income stays in the cash balance of the account. How should this be handled? -------------------------------------------------------------
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Reply to
John Pollard

ntered in Qkn 2019? The Help message says to (1) enter a MISC INC transacti on from GE, with the amount being the value of the spun-off shares, followe d by (2) an ADDED transaction for the new shares in Wabtec. However, in doi ng this, the miscellaneous income stays in the cash balance of the account. How should this be handled? John...Thank you. That explains it well. If only Qkn would at least clean up its Help info ...
Reply to
John K

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