Regarding Viatris spinoff from Pfizer
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Fred Glock
Member ✭✭
Download has two partial entries with different prices and ends with two sets of fractional shares. Broker reports one entry for whole shares and one cash-in-lieu of fractional share. How can these be corrected to match broker statement in Quicken?
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Best Answers
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There is a lengthy discussion on the handling of the PFE VTRS spinoff here:
https://community.quicken.com/discussion/7883338/how-to-have-correct-cost-basis-in-a-corporate-spinoff-e-g-pfizer-upjohn-mylan-transaction/p1
I recommend you review that discussion and post any follow up questions you might have in that discussion.Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
Sympathy... the whole Viatris thing was a mess, with Pfizer taking forever to release the cost basis information and even then not posting it in the proper place on their web site.
Is it possible that you had two basis lots in Pfizer (e.g., you originally purchased, or were gifted/inherited, shares in multiple transactions)? While your online account summary would just show the total shares and the one cash-in-lieu entry, the back-office calculations would have done the spin-off on a per-cost-basis-lot basis to allocate the proper basis to the post-spinoff PFE shares (still two basis lots), the post-spinoff VTRS shares (two basis lots) and the cash-in-lieu transaction - the basis of which would be the sum of the fractional bases as allocated.
If so... then you likely have the right thing... if your totals for PFE, VTRS and the cash-in-lieu match. Drill down in your brokerage's online view of your holdings to check on basis lots. For example, with Schwab, the cost basis is shown as a blue hyperlink. Click on that and you'll see each basis lot with purchase dates, cost bases, etc.
PS. I'm a slow typer...and was typing the above while @mshiggins posted the link to the detailed discussion of the spinoff that I now see. Hopefully my info and that thread help. :-)
Quicken user since 1990, MacBook Pro M2 Max on Ventura 13.6.5 • Windows 11
0
Answers
-
There is a lengthy discussion on the handling of the PFE VTRS spinoff here:
https://community.quicken.com/discussion/7883338/how-to-have-correct-cost-basis-in-a-corporate-spinoff-e-g-pfizer-upjohn-mylan-transaction/p1
I recommend you review that discussion and post any follow up questions you might have in that discussion.Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
Sympathy... the whole Viatris thing was a mess, with Pfizer taking forever to release the cost basis information and even then not posting it in the proper place on their web site.
Is it possible that you had two basis lots in Pfizer (e.g., you originally purchased, or were gifted/inherited, shares in multiple transactions)? While your online account summary would just show the total shares and the one cash-in-lieu entry, the back-office calculations would have done the spin-off on a per-cost-basis-lot basis to allocate the proper basis to the post-spinoff PFE shares (still two basis lots), the post-spinoff VTRS shares (two basis lots) and the cash-in-lieu transaction - the basis of which would be the sum of the fractional bases as allocated.
If so... then you likely have the right thing... if your totals for PFE, VTRS and the cash-in-lieu match. Drill down in your brokerage's online view of your holdings to check on basis lots. For example, with Schwab, the cost basis is shown as a blue hyperlink. Click on that and you'll see each basis lot with purchase dates, cost bases, etc.
PS. I'm a slow typer...and was typing the above while @mshiggins posted the link to the detailed discussion of the spinoff that I now see. Hopefully my info and that thread help. :-)
Quicken user since 1990, MacBook Pro M2 Max on Ventura 13.6.5 • Windows 11
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You're right. I failed to check the lot origins. At this stage, I'll take the fractional shares left from the total at the value for the total and enter it as cash received. Tax will still be a mess, but for another day.
Thanks to both of you.1 -
I found I must make two entries to sort out the mess: one to remove the comingled fractional share then one to deposit the cash in lieu of the fractional share. This was done after the lots were individually spun off from the collected holdings. This may pose a problem for someone doing their taxes on Quicken if each lot is handled differently.0
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