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The Record, Hackensack, N.J., Investment Mailbag Column.
Knight Ridder/Tribune Business News, September, 1999 by The Record, Hackensack, N.J.
Knight Ridder/Tribune Business News
Sep. 30 -- QUESTION: In 1984, at the breakup of AT&T, I received 27 shares of Pacific Telesis. After two two-for-one stock splits, I had 108 shares. In 1994, Pacific Telesis spun off its wireless operation as AirTouch Communications. I received 108 shares of AirTouch with a cost basis of $350.
Now Vodafone has acquired AirTouch. I received 54 shares of Vodaphone plus $9 for each share of AirTouch. I received a check and a 1099B form for $972 (108 x $9). How do I figure my cost basis for Vodafone, and what is my income tax on the $972? -- R.S., Pompton Lakes
A: The cash you received is in lieu of fractional shares. You can allocate some of your cost basis from AirTouch to these fractional shares, as well as...
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