We need some additional information regarding your company's LTIP. For example, are the LTIP shares similar to restricted stock units (RSUs). If yes, report all 500 shares on your return. The value you assign to the shares should be as of the day the shares vested with you. That value will be your cost basis.
For the sale of the 200 shares, just report the gain or loss from the sale of the 200 shares based on the proceeds received less your cost basis. Whether that sale is long-term or short-term depends on how long you have held the shares. One year or less, the sale is a short-term gain/loss. More than one year, the sale is a long-term gain/loss.
@mister_TT
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