As I said earlier, I sold last 1/2 CCA/PZN position I held 10-13 yrs. Since the reg declared quarterly dividend paid since 1/99 are apparently earmarked as the special dividend, and Iwas a shareholder of record on three dividends declared (and remember I sold on wednesday) do I get the regular dividends that were declared as I was a holder of record on those dates? If that makes sense.
While you are entitled to the three dividends that were declared while you owned the stock. But then you are not entitled to the Special Dividend that wasn't declared while you owned the stock and yet paid to you. So, I'm sure if you agree to pay back the $1.80 Special you received, PZN will likely pay you 3/4 of the regular dividends. Or you both may want to call it even and you'll come out ahead. :-)
Whether a dividend payment is designated as "regular" or "special" is only of consequece for tax purposes in meeting REIT qualifications.
When a dividend is declared, only shareholders on the record date get it. You got the dividends that were declared when you owned the stock. It doesn't matter what tax classification they were given at the time or whether that tax classification is changed. If you sold your stock, the company no longer owes you anything. Interesting question, though.
to the individual, from a tax basis. Especially in the case of the poster who has sold out.
Under the old frame of reference, receiving the regular dividend would only be partially taxable (a percentage to be determined). But under this new classification everything recieved by investors so far will be fully taxable as current income, because that is the condition of the special.
It is not necessarily an insignificant consequence. If you stick around and recieve both it doesn't matter, but if I were to sell out now and not recieve all the regulars and special for the year, the reclassification would cost me thousands of dollars in tax liability.
You have received all the dividends that you will ever receive from PZN, assuming you don't repurchase the stock. .55 cents each quarter of 1999 was declared as regular but the status has been changed to special. You got the amount that was declared, it just has a different name and the same tax treatment.
You might want to contact IR or your Accountant if this isn't clear.