How to handle a double income reclassification

How to handle a double income reclassification

If you keep cost basis in PortfolioCenter reconciled to your broker, February means income reclassifications. Due to complicated IRS rules and regulations, fund companies may need to adjust dividends already paid when they close their books at the end of the fiscal...
Aloca (AA) spinoff Arconic (ARNC)

Aloca (AA) spinoff Arconic (ARNC)

On November 1, 2016, Alcoa Inc became two companies.  The original Arcon shares (AA) became Arconic Inc (ARNC).  Then ARNC spun off a new company, Alcoa Corp (AA). Great news for investors, but a headache for PortfolioCenter users. Because the new company is trading...
How do I find a stock’s date of death value?

How do I find a stock’s date of death value?

When a client passes away, most likely you’ll be asked for the valuation of the estate on the date of death.  Can you retrieve this information from PortfolioCenter? Yes and no.  PortfolioCenter can tell you the number of shares of every position held on the...
Cost basis adjusted, now what?

Cost basis adjusted, now what?

You receive this message from your broker with a list of accounts, dates and dividends: “Cost Basis Adjusted.  No Action Required. The following accounts’ cost basis was adjusted due to an action such as return of capital.” The notice may say...
Ace acquisition of Chubb

Ace acquisition of Chubb

On January 19, 2015 ACE Limited (ACE) completed its acquisition Chubb Corporation (CB). Investors received 0.6019 of ACE common shares and $62.93 in cash per share of Chubb. The wrinkle in the entering this transaction in PortCenter is that ACE adopted the Chubb name...