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Newmont aqusition of Gold Corp

jjrichards

I am running Win 10 & Quicken Premier 2020. Back on 4-18-19 Newmont purchased Gold corp . I owned Gold Corp, not Newmont. Since the transaction is over 1.5 years old I cannot down load from my financial institution. How do I record the transaction in Quicken?
Thank you

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q_lurker

You probably need the Corporate Acquisition transaction. Do you have all the details of the transaction? How have you handled the Newmont and Gold shares since then?

jjrichards

I have am showing my new shares of Newmont in Quicken and have not " sold " my old shares in Goldcorp

Details
4-18 received 327 shares of Newmont
4-18 charged a $ 38 reorg fee for Gold Corp
4-18 Gold corp shares reduced 998.5722 & cash .02 & stock & .328 amount credited $ 19.97

Thank you for your help.

Tom Young

This was a fully taxable event. You "sold" you Gold Corp shares for "proceeds" calculated as:

(# of Gold Corp shares x .328 x $34.18*) + (# of Gold Corp shares x $.02)

So the correct entries to make are as follows:

Sell all your Gold Corp shares for the amount calculated above. This will result in some amount of gain or loss and and your Account will show a cash balance in the amount of the "proceeds."
Buy (# of Gold Corp shares tendered x .328) shares of Newmont at a per share price of $34.18. This will result in you owning (# of Gold Corp shares tendered x .328) shares of Newmont which might include a fractional share. It should also wipe out the cash amount generated in step 1 except for the $.02 per share.
Sell the fractional share (if any) for the Cash In Lieu payment you received (if any).
Recognize the reorg fee charged by your broker.

* Suggested "Fair Market Value" of Newmont stock received per their Form 8937.

From the number of shares of Gold Corp you posted it appears that you should have received something like 327.53 shares of Newmont initially. Pull out your broker's statement from that time and look to see that things balance with that statement after the transaction.

jjrichards

Tom:
Thank you for the response. My Etrade statement in April 2019 indicated I received exactly 327 shares of Newmont . Your calculation of $ 327.53 is the exact number I came up with based on your formula. Since I am off .53 shares may just want to alter the formula on proceeds or is it just easier to remove the .53 shares ? Just like to record correctly

Jeff

UKR

You received "CIL" (cash in lieu of fractional shares) for the .53 shares = $ 19.97
Record a Sell transaction for .53 shares, $19.97 and mark it "Cash in Lieu" or "CIL"

Tom Young

In other words, do step 3.as indicated in my reply. Remember, step 2. requires that you buy "(# of Gold Corp shares tendered x .328) shares of Newmont" so that's how the fractional share got into your Account in the first place.

jjrichards

Tom , UKR:
Thank you for your response.