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- Albert
The problem is that fractional shares cannot be transferred in kind through the ACAT system. It must be liquidated and transferred in cash form, so yes you will incur a taxable event on those transactions.
JessicaHi! I used to work at a brokerage firm. When this happens, you should be able to update and adjust the lots, there SHOULD be a form somewhere to adjust the lots specified. Get it in writing, to a secure message center, not via phone call. Basis is reported to the IRS. Getting it in writing is a method that allows them to get approval from managers to make the change.
Also, FIFO is always the default unless otherwise specified. I find this super odd.
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