Verizon Spins Off Idearc, Inc. Cost Basis Changes.
Completed 11/20/2006:
On November 20, 2006 Verizon shareholders received 1 share of Idearc, Inc. for every 20 shares owned of Verizon on November 1, 2006. The spin off of Idearc might also be termed a special stock dividend.
The cost basis is allocated 96.334% to Verizon and 3.666% to Idearc, Inc. If you owned AT&T before the January 1, 1984 AT&T divestiture, you might now own Verizon and Idearc, Inc. Figuring your Verizon and Idearc tax basis could be very time consuming. However, if you have the AT&T Divestiture Basis Tracker, this computation is done automatically.
Idearc becomes worthless in 2009!
The AT&T tax cost basis (or stock basis) can most easily computed using the AT&T Divestiture Basis Tracker. You can order the Denver Tax Software, Inc. AT&T Divestiture Basis Tracker.
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