2003 Split-Off of Hughes Electronics and Exchange of Shares for News Corporation Stock.
Deal Completed December 22, 2003:
On 12/22/2003 GM completed a relatively complex stock transaction.
This is basically a 2 step process.
- Stockholders of GM Class H received shares of Hughes Electronics Corporation. In 2004 Hughes Electronics Corporation changed its name to the DirecTV (not DirectTV) Group.
- Shareholders of Hughes Electronics Corporation then received shares in News preferred American Depository Shares (ADS). Later News preferred American Depository Shares became News Corporation Class A (Symbol: NWSA or NWS.A). This second step could have resulted in a gain or loss in 2003.
Figuring your GM, DirecTV or News Corporation Class A tax basis could be very time consuming. However, if you have the GM Basis Calculator, this computation is done automatically.
Cost Basis Calculation:
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See the GM news release on December 22, 2003.