MBIA provides tax treatment for $8/share extraordinary dividend as return of capital

MBIA INC

Extraordinary cash dividend of $8.00 per share paid on Dec 22, 2023 to holders of record Dec 18, 2023.
IRS Form 8937 indicates dividend treated as tax-free return of capital up to investor's adjusted cost basis.
If cost basis reduced to zero, remaining portion taxed as capital gains.
MBIA estimated current and accumulated E&P deficit as of Dec 31, 2023, leading to non-taxable treatment.
Shareholders advised to consult tax professionals; form may be updated after FY 2023 results (tentatively Feb 28, 2024).

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