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Posted by Stephen Ciffone on January 27, 2007, 5:31 pm
Please log in for more thread options I agree with Bob, if you want to consolidate your AT&T stock in Quicken,
first do it in reality choosing one brokerage to keep them in and
transferring the other shares to it. Then do it in Quicken.
Good idea to check with your accountant first, but I think Quicken will keep
track of your cost basis either way.
Steve C.
> Al,
> You can just transfer the shares; Quicken keeps track of things by lot
> assuming you have set up your security as stock (i.e. not a single
> mutual fund using average costs) so I don't see why it would be a
> problem. To be sure, I suggest you make a backup copy first and then do
> the transfer of that one security. Check it out by looking at portfolio
> view to see if the lots look right, etc. At that point, however, bear in
> mind that you will then be out of synch with your FI. That is you won't
> be able to use automatic updates unless you also have the FI do the
> transfer as well. [Have no idea what the tax implications are of the
> "different holdings"...just trying to help with the Q stuff!]
>
> Bob L.
>
>
>
>
> * Al wrote:
> > Thanks Steve,
> >
> > You are right. They are not in the same brokerage account because they
> > are held differently. Right now I am leaving them separate but in
> > trying to simplify my life I would like to have them together. I will
> > see if anyone else speaks up.
> >
> >> Al,
> >>
> >> It depends on what kind of account you have the shares in....I'm sure
there
> >> are people from Intuit on here that can advise you better than I can.
> >>
> >> My BLS shares were in a brokerage account that had other stocks as
well, so
> >> they stayed in that account after the conversion. It sounds to me like
you
> >> have your stocks in separate accounts by stock, not by brokerage
company.
> >> However, I think its pretty easy to merge 2 accounts. If not, you may
have
> >> to create a new investment account and move all your shares there. (On
the
> >> other hand, it might be better to keep your ATT shares separate for
ease of
> >> keeping track of your cost basis for capital gains when you sell.)
> >>
> >> Steve
> >>
> >>
> >>> SC,
> >>> Before the acquisition I owned ATT and BLS and had both setup
> >>> separately in Q06 Deluxe.. I also did the "Corporate acquisition
> >>> (stock for stock)" without any issues and it created all the correct
> >>> transactions. However, it created them all in the BLS account. I how
> >>> have two accounts that both hold ATT stock. The one that I originally
> >>> had and the old BLS account that now only contains ATT shares. What
is
> >>> the best way to move the shares in the BLS account to the ATT account
> >>> (merge them together)? "Shares transferred between Accounts"?
> >>> Thanks,
> >>> A
> >>> Stephen Ciffone wrote:
> >>>> I just made the same conversion and it worked out perfectly. It
> >> retained my
> >>>> original cost basis from BLS and created the exact amount of ATT
shares.
> >> I
> >>>> am currently using Quicken 2004 Basic.
> >>>> Here's what I did:
> >>>> 1. Open the investment account containing the BLS shares.
> >>>> 2. Click on the button " Enter Transactions"
> >>>> 3. In the next window, choose "Corporate acquisition (stock for
stock)"
> >> from
> >>>> the "enter transaction" box.
> >>>> 4. Enter the details of the takeover. In this case its 1.325 shares
of
> >> ATT
> >>>> for every share of BLS. ATT share price on conversion date (put in
the
> >>>> correct date) was $35.50/share.
> >>>> 5. Quicken will then create all the selling and buying transactions
> >>>> including fractional shares.
> >>>> I wish it worked as well with stock spin-offs and corporate splits
like
> >> the
> >>>> recent Viacom-CBS split.
> >>>>> There is no need to eliminate BLS fractional shares from all
previous
> >>>>> transactions if they have been held in book form in the BLS Dividend
> >>>>> Reinvestment Program (DRIP). This applies to both reinvested
dividends
> >> and
> >>>>> stock splits.
> >>>>> I'm sitting right here looking at my BLS quarterly statements for
> >> 4Q1998
> >>>> and
> >>>>> 1Q1999. I owned 1276.6017 BLS shares prior to the 2:1 split on
12/3/98
> >> and
> >>>>> 2553.2034 shares after the split. No fractional shares were ever
sold
> >>>> until
> >>>>> I eventually sold all my BLS shares last year.
> >>>>> Only fractional shares that exist at the time of the acquisition
have
> >> to
> >>>> be
> >>>>> sold. What I don't know is whether or not fractional BLS shares will
> >> be
> >>>> sold
> >>>>> or whether they'll be converted to fractional AT&T shares before any
> >>>>> resulting fractional AT&T shares are sold. This info is probably in
> >> the
> >>>>> prospectus.
> >>>>> If that's what's already been said, my apologies for the repetition.
> >>>>> Jerry
> >>>>>> wbertram wrote:
> >>>>>>> Eric:
> >>>>>>> Companies issue and maintain records on fractional shares of
stock.
> >>>>>>> Quicken works quite well with fractional shares of stock.
> >>>>>>> Except for those bits of misinformation, the procedure you
describe
> >> is
> >>>>>>> workable.
> >>>>>> wbertram: I think you are misreading what Eric meant. He didn't
say
> >>>>>> QUICKEN couldn't handle fractional shares, he was talking about the
> >>>>>> PROCESS of the transferral. Read his #1 again....he indeed states
> >> "1.
> >>>> You
> >>>>>> must go back thru ALL of your Bellsouth (BS) transactions and
> >> eliminate
> >>>>>> fractions. If they were caused by splits or dividends reinvested
you
> >>>>>> received a book entry for the shares including fractions and then
> >> the
> >>>>>> fractions were immediately sold for a gain or loss which was long
or
> >>>> short
> >>>>>> depending on the original purchase date.". That is nothing to do
> >> with
> >>>>>> Quicken; it DOES have to do with the process (Regardless of
Quicken)
> >>>> that
> >>>>>> is used in doing the conversion. Clearly he states that fractional
> >>>> shares
> >>>>>> are indeed possible to be owned via splits or reinvested dividends.
> >>>>>> Now, I might be misreading what Eric is saying....
> >>>>>> --
> >>>>>> -------------------------------------------------------------
> >>>>>> Regards -
> >>>>>> - Andrew
> >
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