I had some shares in a company that got acquired, the shares I had were under old NISA.
When the shares got exchanged they came through in a normal taxable account.
The worst part of this is that it set my cost basis to 0, meaning if I sell them (I want to put it back into NISA) then it will tax me as if the entire principal amount is profit.
This seems pretty crazy as you're liable to lose 20% of your total worth in any company that gets acquired.
Am I missing something here? is there any recourse? Why does it set your cost basis to 0 in a taxable account? This was through Rakuten Shoken, are other brokers handling this the same way?
by Chikan_Master