The IRS's official position is that your basis in the stock is $0, so reporting $0 as your basis certainly will meet with their approval.
This method has been litigated with different courts coming to different conclusions, so you might want to declare a basis in the stock. This site:
http://www.costbasis.com/stocks/demutualizationshares.html
has a good discussion of the issue and number and methodology you can use, it you want to enter a basis figure.
Tom Young
