What are entries for entering Merger of Genomic and Exact Sciences

Merger took place on 11/12/2019 and I have yet to figure out correct entries to match USAA's capital gain of the Genomic shares removed and cost of Exact Sciences shares of added.

Best Answer


  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    I agree with @Tom Young's assessment.  The key phrase from the cited Form 8937 is
    The exchange of Genomic Health stock for the Merger Consideration was a taxable transaction for U.S. federal income tax purposes. As a result, a holder’s tax basis in each share of Exact Sciences common stock received in the merger will generally equal the fair market value of such share of Exact Sciences common stock as of the completion of the Merger. 

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