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no, that is not how the IRS views it. The cost basis must be split between ABT and ABBV. Typically based on prices around the 1st day of trading. Hoping to get some guidance from ABT on how to do the cost basis. Suspect Schwab is waiting too.
According to (page 6 of the) Abbott Information Statement I received today from both Fidelity and Scottrade, split your original cost basis in ABT evenly between ABBV and ABT shares.