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From the IRS Tax Topic 430:
If you elected to receive cash instead of stock in the tax-free reorganization, you are deemed to have received shares and then to have sold them back to the corporation (i.e., redeemed your shares). Generally this results in capital gain or loss reportable on Form 1040, Schedule D, Capital Gains and Losses. If you owned the policy for more than one year as of the date of the demutualization, the gain or loss is treated as long-term capital gain or loss. If you owned the policy for a year or less, the gain or loss is short-term capital gain or loss.
So basically, you'll report the payment on Schedule D either as long- or short-term depending on how long you'd owned the original policy.
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How do you claim prudential demutualization?
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