"Another contributor suggested I don't have any capital gains as this only applies if stock was sold as opposed to acquired as was the case the payment received for Brighthouse stock."
That other contributor was wrong, as simple as that. You actually received 2.909091 shares of Brighthouse. But, because fractional shares weren't going to be issued, you sold .909091 shares of Brighthouse. (Well, the company actually sold them for you but you got the money for the sale so it's "your" sale.)
IF you're going to enter the transaction properly and are dead set on using an "online" version of TurboTax THEN you must upgrade to Premier as that's the first version as you go up the cost ladder that supports the reporting of security sales.
You could take the easy way out and simply report that $53.37 as "Other income."
Even if you upgrade to Premier and report the sale using the "Stocks, Mutual Funds, Bonds, Other" interview you could take the easy way out and simply report a basis of $0, paying tax on the entire proceeds.
If you want to report this transaction correctly then you have to upgrade to Premier and figure out the correct basis to report. Under the "teach a man to fish" philosophy here's one way to get the correct information:
Go to <a rel="nofollow" target="_blank" href="
http://phx.corporate-ir.net/phoenix.zhtml?c=121171&p=irol-stocklookup">http://phx.corporate-ir.net/p...>
Enter the date you inherited the shares
Multiply the closing price that comes up by the 32 shares you inherited; that's your basis in MetLife
Go to <a rel="nofollow" target="_blank" href="
http://www.costbasistools.com/spinoff/calculator.php">http://www.costbasistools.com/spinoff/calculat...>
In the drop down menu next to "1. Name of stock received in spinoff" select Brighthouse Financial
Enter the date you inherited in the box "4. Purchase date of original stock (tax lot)
In the box next to "8. Number of shares of original stock, adjusted for splits since purchase" enter 32
In the box next to "9. Total cost of original stock purchase" enter the basis in MetLife
In the box next to "10. Cash received in lieu of fractional shares" enter 53.37
Click the "Submit" button down towards the bottom of the screen
The section titled "Gain or loss on cash received in lieu of fractional shares of Brighthouse Financial Inc/Charlotte NC-BHF spinoff stock" will show the results
