Bought NGA SPAC, but sold it under new symbol LEV. NGA shows a loss and LEV shows a gain.

Qckn2224
Qckn2224 Member ✭✭
edited January 13 in Investing (Windows)
How do I fix to show net gain or loss as one line item in Realized Gains? This is happening with all the SPACs I bought that eventually went through a merger.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Did you ever record, in Q, those mergers of the "Special Purpose Acquisition Corp" shares?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    "This is happening with all the SPACs I bought that eventually went through a merger. "
    You need to put in the work within Quicken to properly recognize that one security magically transformed into a different security, and it's this "new" security that you sold.
    "Corporate actions" of this sort are rarely handled correctly by brokers and Quicken (the program) is completely at the mercy of whatever the broker handling the account sends down to it, (assuming the Quicken Account is set up for downloading transactions.)
    As @NotACPA intimated, the most logical Quicken action is "Corporate Acquisition (stock for stock)" but the onus is on you to understand what really happened here and do the correct accounting. 
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    OR, if you are not too picky and sold it quickly after the 'merger', simply sell the SPAC and 'overlook' the merger.  All depends on how you want to see and present things.  Since you mention "all the SPACs", I suggest you learn how to do it 'right'.

    See this discussion: https://community.quicken.com/discussion/7889256/conversion-of-spac-to-another-stock    
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