Due to a merger which qualifies as a reorganization, the taxpayer received 1.098 shares of YYY stock and a cash payment of $3.023 for each share of XXX stock he held. These shares were purchased in the 80's. The cash payment exceed $19,000 and he received certificates for the YYY stock. Will the cash payment be treated as a long term capital gain? Will the basis of the new stock be the basis of the old stock? Thank you in advance
George L Anthony snipped-for-privacy@atlanticbb.net
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