From reading the Form 8937 posted after the IBM to Kyndryl spin-off, I am required to calculate the adjusted cost basis of each lot of IBM stock issued to me. I started to receive shares in the 1960's and with dividend reinvestment, stock splits, etc. this would result in about 560 separate calculations. I have kept careful records of my cost basis for every transaction and stock split, but it sounds like I cannot use my accumulated cost basis and apply the percentages given in the Form 8937 for a single calculation of the new cost basis. Since this is supposed to be a zero sum tax event and the total adjusted cost basis for the IBM and new Kyndryl stock will equal my previous IBM cost basis, would the IRS accept me leaving my current IBM cost basis as is and applying $0 to the new Kyndryl stock? Or are there other suggestions to avoid trying to complete 560 IBM and Kyndryl cost basis calculations? Thank you.
