Using Q2005.
How do you enter a stock spinoff - i.e., company spins off a new company and I get so many shares of the new company.
Thanks
Using Q2005.
How do you enter a stock spinoff - i.e., company spins off a new company and I get so many shares of the new company.
Thanks
RTFM.
Hi, Elliott.
This question comes up pretty often here, so it should not be hard to find a full answer by just scanning a few messages. In fact, the answer is in the Quicken Help file.
The short answer: Use Quicken's wizard for Corporate Securities Spin-Off, but where it asks for the "costs" of the old and new shares, enter the post-spinoff fair market values for each of them. You should be able to find these values on the parent corporation's website just a few days after the event, probably on the Investor Relations page.
Remember that your total cost basis does not change, but it is now allocated among the old and new shares in the ratios of their fair market values immediately after the spinoff. If you receive cash for a fractional share, you must first record the transaction as though you actually received the share, and then record sale of that fraction for the cash, subtracting its newly-calculated basis to determine your gain, which will be long-term or short-term depending on how long you held the original shares.
If you have trouble after reading the Quicken Help file and prior messages here, please post back. If you tell us the name of the company, we can probably help you find its website.
RC
An excellent, and thoughtful, response. Once again, do the due diligence on YOUR OWN, before posting the problem here.
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