Comcast To Merge With Time Warner. Cost Basis Changes.
Announced 4/24/2015:
This merger proposal has been dropped.
Announced 2/13/14:
On 2/13/14 Comcast Corporation (Symbols CMCSA and CMCSK) and Time Warner Cable (TWC) announced their intent to merge. At this time there was no mention of a spinoff. This merger is expected to be completed by the end of 2014. However, this will require the approval of both communications and securities regulatory agencies.
Announced 4/28/14:
On 4/28/14 Comcast Corporation (Symbols CMCSA and CMCSK) and Time Warner Cable (TWC) announced more details about their proposed merger. At this time, to avoid regulatory issues, it was determined that Comcast would create a new corporation and spin that corporation off to the Comcast shareholders. The name of this spinoff corporation was not announced on 4/28. Since the Comcast shareholders will receive stock in the spin off corporation, they will also receive basis in that corporation. That transaction will reduce their basis in their Comcast stock. The details of this will be announced later.
If you owned AT&T before the November 18, 2002, you might now own Comcast class A stock. On November 18, 2002, AT&T spun off AT&T Broadband which merged with Comcast. Figuring your Comcast class A stock tax basis and and the Comcast spinoff tax basis from the Comcast – Time Warner merger could be very time consuming. However, if you have the AT&T Divestiture Basis Tracker, this computation is done automatically.
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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Comcast – Time Warner News Release 2/13/2014