A
Art
A few years ago Nisource (NI) absorbed Columbia Gas and issued a debt
instrument called SAILS (in addition to NI stock) to Columbia
shareholders. Now Nisource has liquidated the SAILS by exchanging
them for extra shares of NI. They also paid out a small amount in
cash in lieu of a fractional share.
How do I record this swap in Q2005? Is it "Shares Removed" for the
SAILS and "Shares Added" for the new NI shares? Or some other
transaction category? None seems to fit exactly; it isn't a merger or
acquisition or a purchase and sale. Is this a tax event? How do I
categorize the few dollars cash?--it's not a dividend or proceeds of a
sale, is it?.
Art
instrument called SAILS (in addition to NI stock) to Columbia
shareholders. Now Nisource has liquidated the SAILS by exchanging
them for extra shares of NI. They also paid out a small amount in
cash in lieu of a fractional share.
How do I record this swap in Q2005? Is it "Shares Removed" for the
SAILS and "Shares Added" for the new NI shares? Or some other
transaction category? None seems to fit exactly; it isn't a merger or
acquisition or a purchase and sale. Is this a tax event? How do I
categorize the few dollars cash?--it's not a dividend or proceeds of a
sale, is it?.
Art