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Verizon Spinoff Results in Frontier Communications Corporation Shares - Cost Basis To Be Determined Later
Overview - Cost Basis For Verizon Frontier Communications Spin-Off:
After the spinoff has been completed, Verizon and Frontier Communications will release cost basis information. This information will include how much of the Verizon shareholders' basis will become Frontier Communications basis. That amount will reduce the pre-spinoff Verizon tax stock basis.
On 5/13/2010 Verizon announced plans to spin off part of its business to Frontier Communications Corporation. At this time, it is estimated that it may take 12 months to complete this transaction. When the transaction is complete, Verizon shareholders will receive about 68% of Frontier Communications.
On 5/21/2010 Verizon announced that a Federal Communications Commission (FCC) approved the transfer of customers from Verizon to Frontier Communications. The US Department of Justice and the Federal Trade Commission had previously cleared this transaction.
On 5/27/2010 Verizon announced that the transfer of customers to Frontier Communications is likely to occur on July 1, 2010.
This will be a two-step process. The first step would occur with a Verizon spinoff of "New Communications". The second step would be a merger between New Communications and Frontier Communications. This would actually appear to shareholders as one transaction where Verizon shareholders would receive stock in Frontier Communications Corporation.
Frontier Communications will become part of the AT&T "Family". The AT&T tax cost basis (or stock basis) can most easily computed using the AT&T Divestiture Basis Tracker. This program can determine, after the spinoff, the revised cost basis for Verizon and the new cost basis for Frontier Communications. You can order the Denver Tax Software, Inc. AT&T Divestiture Basis Tracker.
On 7/1/2010 Verizon announced that the spinoff would be completed on July 1, 2010. Verizon stockholders will now own Frontier Communications stock.
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