While posting merger transactions for BB&T and Suntrust Bank into Truist I downloaded the broker"s

Lee Potter

method of removing the old stock and replacing with the new stock. This results in the cost basis not showing in the new stock (Truist). How can I erase the whole transaction and start over. When I try and relist Truist, I get the message that it is already in place and for me to use a new stock name.

q_lurker

a)  Restore a backup. OR 

b)  Delete the Remove and Add Share transactions from the broker's download.  You should then be able to do a Corporate Acquisition with the now existing Truist security acquiring BB&T or Suntrust (whichever you held).  That Copr Acq should bring along your cost basis for the original holdings.  

See this discussion
https://community.quicken.com/discussion/comment/20047239#Comment_20047239
for more commentary.  

RMW

In my case, the downloaded transactions show Sold (STI) and Bought (TFC). In the Capital Gains report that results in negative realized gain because the gross proceeds or cost from the transactions are all zero. I tried Corporate Acquisition but that produces an error message that I have no shares to sell (STI). How far do I have to go back to fix this and how?

Tom Young

You either need to restore a backup of your Quicken file immediately before the downloaded transactions were accepted, or delete all those downloaded transactions in your current file.  Then use the Corporate Acquisition "wizard."  

This is a tax free, stock-for-stock acquisition so the fact that the download showed "Bought" and "Sold" actions should have been a dead giveaway not to accept those transactions into your file. 

Jim_Harman

To be clear, the only transactions you need to delete are the ones related to the acquisition - the Sold for the STI and Bought for the TFC.

q_lurker

a)  Restore a backup. OR 

b)  Delete the Remove and Add Share transactions from the broker's download.  You should then be able to do a Corporate Acquisition with the now existing Truist security acquiring BB&T or Suntrust (whichever you held).  That Copr Acq should bring along your cost basis for the original holdings.  

See this discussion
https://community.quicken.com/discussion/comment/20047239#Comment_20047239
for more commentary.  

RMW

In my case, the downloaded transactions show Sold (STI) and Bought (TFC). In the Capital Gains report that results in negative realized gain because the gross proceeds or cost from the transactions are all zero. I tried Corporate Acquisition but that produces an error message that I have no shares to sell (STI). How far do I have to go back to fix this and how?

Tom Young

You either need to restore a backup of your Quicken file immediately before the downloaded transactions were accepted, or delete all those downloaded transactions in your current file.  Then use the Corporate Acquisition "wizard."  

This is a tax free, stock-for-stock acquisition so the fact that the download showed "Bought" and "Sold" actions should have been a dead giveaway not to accept those transactions into your file. 

Jim_Harman

To be clear, the only transactions you need to delete are the ones related to the acquisition - the Sold for the STI and Bought for the TFC.

RMW

Great. That worked. Thanks all!