Entering taxable corporate spin-off, Qkn 2019

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?
Reply to
John K
I suggest waiting for the official GE investor's information on the 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.
Reply to
Zaidy036
I suggest waiting for the official GE investor's information on the 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.
Reply to
Zaidy036
Since this corp spin-off is taxable, I'm pretty sure the original GE cost basis 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 taxable 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
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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