I got 2024 Final Schedule k-1 from Cedar Fair. Cedar Fair/Six Flags merger on July 1, 2024. TurboTax asked me:
1) Sale price: I got 1099-B with the proceeds of $54 with the description of Six Flags Entertainment Corp. and
sold date was 07-03-2024. Is the $54 considered the Sale price which I should enter on
TurboTax?
2) Basis of partnership interest: Since I don't know what is this and I don't know how to calculate and I owned
only 218 shares of Cedar Fair Stock, can I just ignore it or simply put down
"zero"?
My another question are:
1) After the stock conversion (from Cedar Fair to Six Flag), I did not sell the Six Flag stock. Why I got 1099-B
indicating that I sold the stock (Six Flag Entertainment on the Description) on 07-03-2024 with the Proceeds
of $54?
2) Do I need to report $54 as Capital gain (Form 8949) on my 2024 federal tax?
Based on the information provided here Six Flags - Pre-Merger Cedar Fair L.P., it appears you were paid for fractional shares that didn't convert to the new Six Flags stock. The amount reported on Form 1099-B represents that payment.
However, since you received stock in Six Flags, you may not have a gain or loss from the sale of your partnership interest. You would need to know how many shares you received and the price of that stock on the day of the conversion.
This is a complicated situation. You may wish to consult with a local tax professional for specific assistance reporting this change in your investment.