how record the recent Ingersoll Rand spinoff

kreegerwr

On 2/29/20 Ingersoll Rand PLC (symbol IR) spun off a "new" company Ingersoll Rand Inc (4 shares for each 5 of IR PLC owned). The old IR, for a few days, had the symbol G47791101 and the new company was given the symbol IR. On 3/4 the IR PLC company was renamed to Trane Technologies and given the symbol TT. How can this be recorded in Quicken? Would think can't have two stocks with the same symbol even if it's only for the time needed to record both transactions (the spinoff and the rename).

q_lurker

That is going to take some effort to figure out.  May have to wait for a Form 8937 to be issued.  Not clear to me at this stage that this is a tax-free exchange, but I suspect it is.  The other complicating consideration is that Gardner Denver is involved.  

As to the duplicate tickers, you are basically right - you don't want two of the same in this case.  My normal approach to that type of twist is to go ahead and reticker the old Ingersoll-Rand as 'IR(old)' copying the old prices to the new ticker and (in this case) deleting the prices for the old ticker.  When you get to establishing the new company, it can get the 'IR' ticker free and clear.  

kreegerwr

Thanks for the information. I will definitely have to wait for official information from the brokerage as it wasn't a 0.8 to 1 spinoff -- I miscalculated. Back in January it was suggested that it would be something like 0.8861 but that all depended on the number of shares outstanding, etc. When I get that information, I'll try again.

q_lurker

I find Form 8937 info via this link at this time
https://investors.tranetechnologies.com/financial-information/industrial-gdi-filings/default.aspx
(no guarantees it stays there) 

That information suggests that the Quicken spinoff factors would be a share ratio of 0.8824, and fair market share values of 100.30 (original) and 33.06 (new).  (To get the values my broker produced I needed 33.311 rather than 33.06.  YMMV). 

This initial steps in the process I chose (AFTER creating a backup) were then
a) Reticker the Ingersoll Rand ticker to TT merging the IR values to the TT ticker and deleting the IR prices.
b) Spinoff 'IR-New Hold' from Ingersoll Rand using the three values above. 
c) Rename Ingersoll Rand to Trane Technologies. 

I stopped there since a quickly sold off the IR-New Hold position (and the Trane position for what that's worth). Had I chosen to not to sell so quickly, the next steps as I see it would have been 
d) Corporate Acquisition with Gardner Denver acquiring IR-New Hold, and 
e) Rename Garner Denver to Ingersoll Rand. 
(I am not clear of that step e has taken place yet.)

Hope this helps

kreegerwr

Thanks. I will give it a try (it involves doing some things in Quicken that I have never tried before, so it goes without saying that I will be taking a backup before attempting!).