Hi. Thank you for that information Now I am really confused -
The MMTLP (preferred shares) were exchanged for the common shares in the new company. MMTLP no longer exists. I have my new common shares (which is now in the new spinoff company, no longer META) showing assigned value of $0 (no ticker yet assigned to common shares as these are currently private shares) in my broker accounts with x amount of shares (currently, it shows my cost basis for MMTLP transferred over into the common stock- which my broker said should be adjusted once the stock is assigned a value).
So wouldn’t it be my cost basis from MMTLP, let’s say mine was $2.00 (cost basis) that is then used against whatever value the common shares are given? Or are you saying it’s an even share exchange unless the IRS comes back with a different value?
Also, would this be reported the same way as a sale of stock or is there another tax form that this spinoff exchange/ distribution would be reported on?
Thank you!
