Lets see, Scottrade is still treating the drop in NCT (as a result of the spinoff) as a loss even tho I gained with the addition of NRZ. For all practical purposes it should be a wash. Not complaining mind you. Hopefully they won't correct it.
As I understand it, based on the, subject to anticipated revision from NCT, information provided the brokerages, the full FMV of NRZ was considered a taxable dividend/distribution. It didn't reduce your NCT basis and it is your basis for NRZ so it looks strange when you could show a loss in both, depending on your cost for NCT and where NRZ is relative to its initial price plus you have a current tax liability for the NRZ value. I haven't seen a timetable for it, but I understand this less than ideal reporting from NCT may/should be revised more favorably, for taxable accts, sometime before Sept 14.
#1) Sept 14th (2014?).
#2) Based on posts here over the past few months, most everyone has different numbers showing in their accounts as to cost basis for both NCT and NRZ. It's going to be major headaches for everyone for tax filings unless the company comes out with specific numbers as to basis for both.
A few months ago my brokerage subtracted an amount from the cost of the shares in each purchase I had made (also dividend re-investments). IIRC the amount was ~$2.40. This brought the cost of quite a few of my shares to $0 and lowered my overall cost basis by ~ 1/2. Since the original cost of many of my shares was less than $1 having the adjusted cost bottom out at $0 seems to leave my current cost basis kind of high. The NRZ shares are listed as having a cost of ~$6.88 IIRC. I'm not sure how the difference between the amount the cost of the NCT shares were lowered and the "cost" attributed to the NRZ shares will be dealt with. All in all it seems to be a good problem to have.
Fidelity has me down 3% for the two companies even though I'm actually up 75% not counting distributions. My neighbor's Schwab account is similarly out of whack. Might have something to do with the way it was reported from NCT to the brokerages. I think they'll eventually get it right. If not, they'll report a high cost to the IRS when you sell which wouldn't be a bad thing. Not planning on selling either.