Here is the link to COP/PSX's IRS Form 8937, "Report of Organizational Actions Affecting Basis of Securities". It is the final/definitive answer to the cost basis for COP/PSX. I would suggest you make a copy and keep with your tax records, for future tax purposes. Here is the link to Form 8937:
It is "definitive" only in that it is ONE way to calculate the FMV. But it is only one way. The form itslf says as much.
It might be the most common way to calculate. It might be the best way. Certainly, since COP has already done all the math for you is the easiest way. But it is not the only way.
If you choose another method, you should be able (and ready?) to defend your method of calculating the FMV of the two post spin parts. But it is not the only way.
As an example, here is another simple way (but probably only applicable to a very few people.) Say you chose to sell all your COP and PSX shares in the market on May 1. You could easily make the case that what you actually got for each was their FMV. You could then take the combined proceeds and calculate the % each issue contributed to the combined value and use this to asign the cost basis. It would be very easy to demonstrate to the IRS that you sold out everything in the open market on Day 1, that that was the FMV. Of course you would have actually had to sell all your PSX and COP on May 1 to do use this method. (Also since you effectively sold out 100% of your original investment basically immediately upon receipt, the tax implications of splitting the original basis between the two new issues was effectively nil anyway. So it really would not matter tax-wise how your divided up your original cost basis.
Women Review Debate 3, Governor Mitt Romney Pasted The Test, Ready to Lead USA
By USA_Jewish_Women 10 22 2012
Debate 3: Women's Review: President Obama Was Arrogant, Disrespectfully Angry Condescending to Governor Mitt Romney on Oct 22, 2012.
Mitt Romney's Stunning turnaround in these past 3 debates
Obama has lost support among Jewish women voters.
Most Jews are Turn Against Obama across the 50 states,
A Jewish Women Focus Group of 7,890 on October 22, 2012
President Obama Was arrogant, angry, disrespectfully, condescending and much to aggressive, did not look very presidential at all.
Governor Mitt Romney looked much more presidential, ready to be commander-in-chief. America he said, needs a strong economy in order to have a strong military for our National Security now and in the future.
We came away from this debate with a very good impression of Mitt Romney, in that he would be a “ a safe pair of hands.”
We feel he’s tough enough to do what’s necessary, but laid-back enough not to do too much and get us into another war. Romney did not attack President Obama's policies, he simply pointed out a few improvements in a respectable way.
During the debate Governor Mitt Romney seemed more like the president and Barack Obama more like the candidate and challenger.
Governor Mitt Romney was calm, thoughtful, relaxed, steady and looked very presidential. He looked and acted ready to take the job as commander-in-chief. Expressed his views on Iran's Nuclear threat and the USA support of Israel, our good friend and ally.
He impressed us tonight, in that a vote for him is a vote for American security, peace and safety, a strong economy, a strong military, millions of higher paying jobs, prosperity and quiet peaceful life for us and our families.
The world is much to scary these days; Americans aren’t looking for a scary weak president.
Tonight we came away with the feeling that President Obama is more the scary one, in America's weaken relationship with Israel, a closer to Nuclear Iran, our weak economy and the huge 16 Trillion Dollars in Debt, that in itself Threatens our National Security.
We can not afford four more years of president Obama's spending and borrowing another 5 or 6 trillion dollars from countries like China. Our jewish women's focus group therefore endorse Governor Mitt Romney for the next president of the United States of America.
Obama's Re-Election is very questionable. Vote for Mitt Romney and Paul Ryan