NYSE seat sold for stock

[bstaxes]

Does anyone have a client for had a seat on the NYSE and received a 1099 B for the seat? Letter enclosed options "enclosed check also reflects additional cash in lieu of the fractional shares of NYSE Group common stock that would otherwise have been issued". Now the 1099B is in the 6 figures, If that represents a fractional share, boy the price of a share is very very high. It seems that they got cash and stock for the seat and now that cash is on a 1099B. Did not sell the stock because it has to be held for 3 years and only 1/3 can be sold each year.

Any ideas or comments on how to handle would be a BIG help. I have called the NYSE and the company who issued the 1099. They no longer handle that account and gave me the number of who was. The new company is total automated and no one to talk to. I really need this at this time. Yes I will and extension if I can figure out what to do.

[Marge]

Seems odd that it is on a 1099-B and not a 1099-Misc. Is there catagories on the 1099-B?

I have no real help for you here but maybe your client could get somewhere by talking to someone else that has done this..