Non-Covered Proceeds 1099-B

My wife was gifted utility stock several years ago but in 2023 the utility split off part of the company into a separate company with its own stock. Since the new stock was so small (0.75 shares) it did a cash liquidation. The 1099-B received for the new stock gave the 1a - Description of Property, and information given in Box 5 with the date the new stock was liquidated in 2023, and the # of shares and price.

Question 1) Since the original stock is a long term investment, but the new spinoff stock was done in less than a year, is this considered a long term or short term investment when reporting it to the IRS?

Question 2) Also not sure how Box 5 and/or the 1099-B is to be reported in TurboTax home & Business?