Baker Fentress Announces Per Share Distributions Taxable In 1999
CHICAGO--(BUSINESS WIRE)--Jan. 13, 2000--Baker, Fentress &
Company (NYSE:BKF) today announced the per share distributions that
are taxable in 1999. The Company is issuing a Form 1099-DIV to all
registered shareholders, which reports that BKF had ordinary income
dividends totaling $1.30 per share and long-term capital gain
distributions of $6.5008 per share that are reportable on shareholders
1999 income tax returns. Near the end of January, Baker Fentress will
be sending out a Form 1099-B to shareholders, which will report the
gross proceeds from the sale of fractional share interests of
Consolidated-Tomoka Land Co. (CTO) common stock as a result of the
distribution of CTO shares by BKF on September 24, 1999.
The following table provides the per share allocation of the
income reportable in 1999:
Per Share Distributions Reportable in 1999
Net Short- Long-
Total Invest- term Total term
Pay Distri- ment Capital Earnings Ordinary Capital
Date Description bution Income Gain & Profits Income Gain
6/15/99 First
Dividend $0.3000 $0.1200 $0.1800 $ -- $0.3000 $ --
9/24/99 Second
Dividend 1.0000 0.1420 0.7543 0.1037 1.0000 --
9/24/99 First
Capital Gain
Distribution 3.0000 -- -- -- -- 3.0000
9/24/99 CTO Share
Distribution 1.7615 -- -- -- -- 1.7615
1/7/00 Second
Capital Gain
Distribution 1.7393 -- -- -- -- 1.7393
Total $7.8008 $0.2620 $0.9343 $0.1037 $1.3000 $6.5008
Baker Fentress also distributed an ordinary income dividend of
$1.4905 per share and a return of capital of $9.0702 per share on
January 7, 2000, as well as gross proceeds from the sale of fractional
share interests in connection with the reverse stock split that was
effective on January 10, 2000. These amounts will be reportable on the
shareholders' 2000 income tax returns.
Ordinary Income Dividends
If the shareholder was a participant in the Dividend Reinvestment
Plan, the per share tax basis of each additional share received as a
result of reinvesting the two ordinary income dividends is as follows:
*T
Distribution Per Share Reinvestment
Date Amount Price
6/15/99 $0.3000 $18.7492
9/24/99 1.0000 15.8795 (1)
(1) In addition to the additional BKF shares, reinvesting
shareholders received cash in lieu of CTO shares based upon a
value of $13.34 per CTO share received.
Additional information relating to the Company's 1999 ordinary
income dividends is as follows:
Percent of "Ordinary dividends" (Box 1)
---------------------------------------
From U.S. Government
Obligations 16.2% May not be subject to state taxation.
Dividends Received
Deduction 18.0% Corporations may deduct a portion
of this amount
Capital Gain Distributions
Because the Baker Fentress Capital Gain Reinvestment Plan was
terminated before the payment of the first capital gain distribution,
the shareholder received the capital gain distributions paid on
September 24, 1999 and January 7, 2000 in cash, with no reinvestment.
The shareholder should treat the distribution of Consolidated-Tomoka
Land Co. common stock paid on September 24, 1999 as a long-term
capital gain using $13.75 per CTO share received as your initial cost
basis of these shares. For federal income tax purposes, the holding
period of the CTO shares began on September 24, 1999, the payment
date. |
