File an extension to be safe. If you ignore the distribution or enter an incorrect value you will have to amend your return.
Meta Materials says, “This work, as indicated in page 31 of the prospectus is likely to require until after U.S. holders file their U.S. tax returns.
Preferred shareholders may have a taxable event. Meta says it will value the common shares but “this valuation is not binding on the IRS or any other taxing authority.”
“These taxing authorities could ascribe a higher valuation to the distributed Common Stock, particularly if, following the Spin-Off, those shares of Common Stock trade at prices significantly above the value ascribed to those shares by Meta.”
“Such a higher valuation may affect the Spin-Off distribution amount and thus the U.S. federal income tax consequences of the Spin-Off to Meta’s Series A Preferred stockholders.”
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