Go read the Form 8937 concerning this merger:
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According to the Form 8937 you SHOULD HAVE received cash, and I don't understand why you say you didn't. Specifically you should have received, for each share tendered:
"(1) $0.95 in cash; (2) 0.385 of a share, or the Common Exchange Ratio, of common stock
of AFIN, par value $0.01 per share."
As is typical in these "stock plus cash" deals you don't receive fractional shares. Instead any fractional share received is sold via a "cash in lieu" (CIL) transaction.
"Instead of fractional shares, RCA stockholders will receive cash, without interest, in an amount
equal to the product of such fractional part of a share of AFIN common stock, multiplied by
$24.17 (based on the exchange ratio and AFIN’s published estimated per share NAV as of
December 31, 2015)."
These stock plus cash deals can get complicated if you have many lots of the acquired company. Basically the process is:
1)For EACH LOT of your stock that you gave up you need to determine gain or loss based on the "proceeds" of the sale (cash per share + FMV of stock received) vs. your basis in that lot.
2)Losses are NOT recognized in your tax return, they DO NOT offset gains on "gain" lots.
3)Gains ARE recognized but only up to the LESSER of cash received or the gain as calculated per 1 above.
4)For each lot your basis in the stock of the new company is: Basis in lot of old company tendered - cash received + gain recognized.
5)The holding period of the each lot tendered of the old stock CARRIES OVER to the new lot received of the new stock.
5)You then attribute, proportionally, basis from each lot of the acquired company to the fractional share and and RECOGNIZE gain or loss on the CIL transaction.
Having done all this you report the proceeds per the 1099-B, (which might be only the cash received - excluding the CIL - or cash plus FMV of the stock), derive a basis figure that gets you to the gain (short term/long term) that you derived in step 3 above.
Frequently companies advise in their Form 8937's what they think is an appropriate "fair market value" to use for Step 1) above, but that was not the case here. (There's no "cookbook" formula for determining this value; you're free to come up with any fair market value you feel you could defend to the IRS.) Very commonly the average of the High-Low on the day the deal was done is used here.
