Taxpayer had $10k of bonds from a health care facility that went into Chapter 11. He received notice of a mandatory exchange of his old bonds for new bonds with principal amount of $7k.
I believe his $10k basis carries over to the new bonds, but have been unable to find confirmation. He did receive $37 on a 1099-B in addition to the bonds. I believe that's a "fractional shares" type payment that is reported currently.
Ever notice how the weird ones come in the last few weeks?
I believe his $10k basis carries over to the new bonds, but have been unable to find confirmation. He did receive $37 on a 1099-B in addition to the bonds. I believe that's a "fractional shares" type payment that is reported currently.
Ever notice how the weird ones come in the last few weeks?