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Does anyone know how to report the money received in lieu of taking stock as a Met Life policy holder? I did not get a 1099 form. Is it a short or long gain?
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Does anyone know how to report the money received in lieu of taking stock as a Met Life policy holder? I did not get a 1099 form. Is it a short or long gain?

I don't have personal knowledge on this, but from what I've seen, your acquisition date is when you took out the policy, and your basis is zero. For confirmation, contact the company.

Phil Marti
VITA Volunteer
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Does anyone know how to report the money received in lieu of
taking stock as a Met Life policy holder? I did not get a 1099 form.
Is it a short or long gain?

I don't have personal knowledge on this, but from what I've seen,
your acquisition date is when you took out the policy, and your basis
is zero. For confirmation, contact the company.

Phil Marti
VITA Volunteer


That's right, Phil, it's in a brochure they sent us, but they sent so much that didn't say what everyone wanted to know we all got sick and tired of reading the junk (one set for each policy). It's the 5" X 8" booklet. ed
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they sent so much that didn't say what everyone wanted to know we all got sick and tired of reading the junk

So unlike tax form instructions <g>.

Thanks for the confirmation. A neighbor asked me the same question this morning.

Phil Marti
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they sent so much that didn't say what everyone wanted to know we
all got sick and tired of reading the junk


So unlike tax form instructions <g>.

Thanks for the confirmation. A neighbor asked me the same question
this morning.

Phil Marti


Phil, the problem was that the initial disclosure was a "Book" and it didn't tell you how many shares you would get, how they figured how many shares you'd get, nor their value, nor their tax consequence (LTCG vs STCG vs Ordinary Income), so you had no way of deciding whether to take cash or stock. Eventually you never got stock, just notification of how many shares were "Held in your name".

They then sent another batch of notices and somewhere in there were the 5 x 8 booklets that finally told you the tax implications.

Throughout this if you phoned them you got a recorded message. If you finally got through to a human they referred you to the recorded message. No one could tel you what Met MUST have had to tell the NY Insurance Commissioner to get the demutulization OKed.

Although their instructions said your policies would be lumped together as though you only had one, I got 6 separate allocations of stock for my total of 8 policies. So multiply the mailings of "books" by 6.

A lot of junk, but the stock has increased in value about 50% since issuance. ed
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edcosoft: Eventually you never got stock, just notification of how many shares were "Held in your name".

I believe we can only get the shares in our accounts after the 1 year lock-up which is happening this April.
IIR, there is a transfer fee involved.

A lot of junk, but the stock has increased in value about 50% since issuance. ed

From TMF portfolio tracker, I am showing a 110% return since "receiving" my stock, or IPO. My best performing stock this year. Wish I had actually been smart enough to buy it. It is a pitifully small percent of my portfolio.

InParadise
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