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Holly Energy Partner and HF Sinclair Merger

Hello,

 

I owned stock from HEP that was purchased by DINO and went through a stock + cash merger.  The merger resulted in a cash payment $4/share and issue of 0.315 shares of DINO for 1 share of HEP.  For my 1099 B, it appears to show the short term gain/loss correctly and the long term makes no sense to me and the Schwab guy didnt understand it either.  He noted he thinks the merger was a 368a but does not seem to be reported even though it has been 45 days, and method for value change would be fair market value HEP at time of merger + cash minus original cost basis.  For me this would be a loss, but on my 1099B the cost and proceeds look incorrect and on the 1099B it says "not reported to IRS" and shows a delta of a few dollars for net gain/loss.

 

here is all i can find on it - http://s21.q4cdn.com/[removed]/files/doc_downloads/2023/12/hfs-merger-faq-final-12-05-2023.pdf

 

My question is does it matter?  Google seems to imply a 368a gain/loss cannot be claimed.  Or is that incorrect and i should be trying to make Schwab correct my 1099B to reflect what i stated above?  Or am I completely off?

 

Thanks, Jason

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3 Replies

Holly Energy Partner and HF Sinclair Merger

CatinaT1
Employee Tax Expert

Holly Energy Partner and HF Sinclair Merger

Were you able to get his resolved? Did you have further questions?

 

@calo45487 

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Holly Energy Partner and HF Sinclair Merger

I am waiting on Schwab to answer. I agree with what you posted loss should be claimed on 1099B so seems like their error. 

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