I'm trying to understand how to properly report my tax basis resulting from the mandatory stock exchange portion of the transaction. Investor materials state that "(i) the merger will qualify as a ‘‘reorganization’’ within the meaning of Section 368(a) of the Code and (ii) the merger will not result in gain recognition to the holders of PrivateBancorp common stock" and "a PrivateBancorp common stockholder generally will recognize gain or loss with respect to cash received instead of fractional shares of CIBC common stock that the PrivateBancorp common stockholder would otherwise be entitled to receive."
