I'm so confused

[peterlkim11]

I had 226 shares of Uniti Financial Corporation which I purchased in 2004 for a total of $1,350.

Last year, it was bought out by BayCom Financial and this was the consideration given, "each Uniti shareholder will receive $2.30 in cash and 0.07234 shares of BayCom’s common stock with cash to be paid in lieu of any fractional shares."

The consideration was $3.99 for each Uniti Financial Corporation share at the BayCom stock price of $23.39.

So I received 16 shares, $519.80 cash, plus $8.20 for fractional shares.  It is a loss but I don't know how to treat this on TurboTax...

I should only report the number of the Uniti shares that I received as cash as the actual sale correct?

I converted the number of Uniti shares for the cash received and Baycom stock received.  I owned about 226 Uniti shares before the merger so it's about 132 Uniti shares for the cash and 94 Uniti shares for the 16 Baycom shares I received. 

Do I report the loss for the entire transaction or just the cash portion?  Can I report the loss (which I prefer since I owe)?

[SusanY1]

If you still own the securities received (or still owned them as of 12/31/2019) you can't deduct any loss as it pertains to those. 

You can treat the cash received as the "sales proceeds" for your original 226 shares and take that loss now.  Then, the shares you own will have a basis of zero when you sell those (meaning you may recognize some capital gain).