On 5/13/2010 Verizon announced plans to spin off part of its business to Frontier Communications Corporation. At this time, it is estimated that it may take 12 months to complete this transaction. When the transaction is complete, Verizon shareholders will receive about 68% of Frontier Communications.

What happened to idearc?

After the spin-off, Idearc functioned as an independent company. Then it defaulted on its promissory notes. Idearc filed for bankruptcy in 2009 with a total debt of $9.5 billion and assets of $1.8 billion, leading to a number of suits filed against Verizon alleging liability in connection to the spin-off.

Is FairPoint still in business?

In December 2016 FairPoint was purchased by Consolidated Communications for $1.5 billion including assumption of debt. The acquisition closed in July 2017. The combined company operates under the Consolidated Communications name.

Is idearc still in business?

NEW YORK, Jan 4 (Reuters) – U.S. yellow-pages directory publisher Idearc Inc IDARQ.PK said on Monday it has emerged from bankruptcy with a new name and a plan to float new shares.

Who is buying FairPoint communications?

Consolidated Communications Holdings, Inc.
The buyer, Illinois-based Consolidated Communications Holdings, Inc., said on Monday it would acquire FairPoint in an all-stock deal worth $1.5 billion, debt included. The buyout will…

Why is my frontier bill so high?

There are a few reasons why your current bill—or New Charges—is higher than your Previous Balance. For example, you may have added services after the start of the new billing cycle, or there may have been a change in rates for phone service, or a new state or federal tax has taken effect.

Is FairPoint the same as Consolidated Communications?

FairPoint is now Consolidated Communications! We are excited to welcome you to Consolidated Communications (NASDAQ: CNSL).

What happens to the Fair Point Communications stock?

The timing of the worthless stock loss can be tricky. If you fail to take the worthless stock loss in the correct year, the loss can be denied! From reading this news release, the “old” FairPoint Communications stock has been cancelled. You can now use old Fair Point Communications stock certificates as wallpaper :- (.

How to calculate cost basis for a spinoff?

Date of distribution of spinoff (mm/dd/yyyy) 4. Purchase date of original stock (tax lot) 5. Spinoff ratio (for example .5 in a 1 for 2 spinoff) 6. Percent allocation of cost basis to new spinoff stock (for example, .2 for 20%)

How is the cost basis of ABC determined?

This was determined by the relative market values of the trading prices for ABC and XYZ after the shares started trading independently. Your cost basis for 100 shares of ABC is therefore 7% of $5,000.00, or $350.00 with an acquisition date for holding period purposes of 7/1/2004 (not the date of the actual spinoff.)

When do you deduct the loss on FairPoint stock?

You can deduct your worthless stock loss only in the year the stock becomes worthless. Sometimes that can be tricky. In the case of FairPoint, the stock clearly became worthless in 2011 when FairPoint bankruptcy steps have been completed.