Another question about this. I know what my cost basis is, but how is the tax bill calculated? Is the "sell" price based on the day of the merger? Or the day the shares are converted to MUX?
The document on the MUX web site says the share exchange is a taxable event by the Canadian governmant for US citizens, but what about the US taxes? No mention of that part.
I'm sitting here, laughing at the thought of writing a substantial check and sending it to Canada.
the shares are freely and always convertable.....it depends when you want to do it and the vehicle you're in, but this is standard practice and always based on the buy. if it were me, i'd convert before the price goes back to $9 (which it will)and worry about taxes next year. I can't believe the complaining going on over such a mindless action, everyone has to pay taxes at some point.
Sure, everyone has to pay taxes, but I sold nothing. I have no realized gains. I'm just sitting here minding my own business and, wham!, now I have a tax bill.
They could have said something about this before it was too late to do anything about it. Those who sold before the merger were the smart ones.
I called Scottrade and the guy tells me that they shares of MCEEF will be available for trade on August 8th. He said it like he was being helpful. What a Maroon....
Anyway, so today I just went in and sold MCEEF and turned around and bought MUX. Took it up the keister on the bid and the ask but at least I was able to remove the brokers from the equation.
Doesn't that give you guys confidence about our markets????
I walked down to TD Ameritrade..and the kid..not any older than 26 ...had his Maserati parked out front. These are the guys 'helping you' sort out this mess? I'd be willing to bet that your broker bet AGAINST you. The house always wins, this is just one of the ways.
BUY PHYSICAL AND LEAVE THIS GAME TO THE BANKSTERS!
Lots of luck getting Scottrade to do anything. I have sent numerous emails and my response is that they have forwarded my email to their compliance dept. My MNEAF is still listed in my acoount and MAC.Q. Very frustrating.
I am planning of filing a formal complaint with FINRA at the end of the week if they have done anything. Other brokers have had a lot less problems.
Anybody that has a scottrade account should move it after this fiasco is finished.
I have been unable to transfer my shares at Scottrade to MUX. Talked to the broker again yesterday. The broker said most transfers go smoothly and she does not know what the problem is on this. I have been extremely satisfied with Scottrade for many years, no problems whatsoever until this fiasco. Has anybody had shares transferred at Scottrade?