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As a result of the closing of the Marathon Ashland Petroleum (MAP) transaction between Ashland and Marathon on June 30, Ashland shareholders received a 0.2364 share of Marathon stock for each share of Ashland stock they held at close of business that day. Ashland shareholders will apportion the tax basis in their Ashland common stock ratably between the new Ashland common stock and Marathon common stock they received from the transaction in proportion to the relative fair market value of new Ashland common stock and Marathon common stock as of June 30, the date of the distribution. Please see page 88 of the Ashland proxy statement/prospectus filed on May 25, 2005.
Ashland currently intends to report the fair market value of the new Ashland common stock and Marathon common stock as of June 30 as $58.93 and $12.83, respectively, for this purpose. It is possible, however, that the IRS could assert that different values should be used. Based on the values currently intended to be reported by Ashland, each Ashland shareholder would apportion its tax basis in each share of its Ashland common stock 82.12% to the new Ashland common stock and 17.88% to the Marathon common stock received in respect of that share of Ashland common stock. Shareholders should consult their tax advisors regarding the calculations for allocating tax basis between Ashland stock and Marathon stock.
For information about how to report the transaction on your federal tax return, click here.
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