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Corporate spin offs

Michael Detje

I input the spin off of South Bow Corp shares from TC Energy in October 2024 in one of my Quicken accounts.

Another account for my spouse had same investment and when entering the transaction as a Corporate Spin off it is denying the entry as the New Company exists.

I could understand this if all accounts holding TC Energy recorded the spin off but having done this once I am not able to record the entry in the second investment account.

Any ideas on how to get this to work?

Cheers

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NotACPA

Is there something odd, or different, about either account? Because the Corp Spinoff action SHOULD have impacted all accounts that hold the original security.

As a work-around, you might need to do a spin-off in the 2nd account to a different security and than a 1:1 Corp Acquisition of temp security by South Bow.

OBVIOUSLY take a backup before trying that … just in case.

Michael Detje

Going to try a work around by selling original investment at cost and then repurchasing that company plus the new one with the total cost being the same as pre-split.

Thanks for the quick response.

q_lurker

Simply spin off a second company ( South Bow Corp 2) and then edit each of the generated Add Share transactions to read as the correct company ( South Bow Corp).

q_lurker

But I agree, entering the spin-off in one account should have applied the spin-off in all accounts holding that security at that time. Check into why that did not happen.

NotACPA

https://community.quicken.com/discussion/comment/20477264#Comment_20477264

Which works UNLESS you've got a lot of Lots in the original security, which would create LOTS of transactions. (double entendre's intended)

NotACPA

Is it possible, as shown in your Security List, that you actually held ~~South Bow~~ TC Energy under 2 slightly different names?

That could account for the spin-off only impacting a single account.

jmcgmckinnon

I have a similar problem. I hold TRP in various different accounts for my family. If I do a corp spin off Quicken asks for the price (ACB) of the old shares. Well the ACB of the old shares is different for each account. I don't believe Quicken can handle this.

NotACPA

@jmcgmckinnon Are these shares all held in taxable accounts? And which Q product are you running?

Rocket J Squirrel

https://community.quicken.com/discussion/comment/20477776#Comment_20477776

If you read the corporate spin-off dialog, it is asking for the closing price per share on the day of the spin-off. This will be the same for all accounts.

jmcgmckinnon

I have classic, business and personal. TRP is held in numerous account both registered and non-registered. Different accounts have differenc ACB for trp.

Thanks

NotACPA

https://community.quicken.com/discussion/comment/20477983#Comment_20477983

Re-read that Corp Spin-off dialog. It's asking for the closing prices … NOT the ACB. You've created a false problem for yourself.

Michael Detje

Thanks for all the suggestions. I checked and did not find any difference in the security description input in my spouse and my account. I did have a double booking in my account which I deleted.

I have completed the workaround as described earlier so thanks again.

Cheers

jmcgmckinnon

The Corporate spin off asks for "cost of old share" also which will be different for each account.

Jim_Harman

"Cost" is ~~incorrect~~ confusing. As the text below the entry line says, what Quicken wants is the closing price per share of the original security on the day of the spin-off. If you click on the question mark for help, it is explained even more clearly.

NotACPA

https://community.quicken.com/discussion/comment/20478679#Comment_20478679

yes, the label says cost …. but look at what's immediately under each input box for the clarification.

jmcgmckinnon

I see, I see, said the blind man. Thank you.