MADISON COVERED CALL & EQUITY STRATEGY FUND Form 8937 (December 2017)
Department of the Treasury Internal Revenue Service
Report of Organizational Actions
Affecting Basis of Securities
See separate instructions.
OMB No. 1545-0123
Part I | Reporting Issuer | ||||
1 | Issuer's name | 2 Issuer's employer identification number (EIN) | |||
Madison Covered Call & Equity Strategy Fund | 20-1379652 | ||||
3 | Name of contact for additional information | 4 | Telephone No. of contact | 5 Email address of contact | |
Greg Hoppe | (608) 274-0300 | gregh@madisonadv.com | |||
6 | Number and street (or P.O. box if mail is not delivered to street address) of contact | 7 City, town, or post office, state, and ZIP code of contact | |||
550 Science Drive | Madison, WI 53711 | ||||
8 | Date of action | 9 Classification and description | |||
See Item 14 Below | Return of Capital Distribution | ||||
10 | CUSIP number | 11 Serial number(s) | 12 Ticker symbol | 13 Account number(s) |
557437100
MCN
Part II | Organizational Action Attach additional statements if needed. See back of form for additional questions. |
14 Describe the organizational action and, if applicable, the date of the action or the date against which shareholders' ownership is measured for
the action | Madison Covered Call & Equity Strategy Fund (the "Fund") declares and pays dividends to its shareholders on a quarterly |
basis. The per share amounts are set forth on the attached schedule. In January 2024, the Fund determined that its earning and profits for
the fiscal year ending December 31, 2023 were insufficient to characterize the full amount of those distributions to shareholders as dividends
under IRC section 301(c). As a result of this determination, a portion of those distributions has been characterized as a return of capital.
15 Describe the quantitative effect of the organizational action on the basis of the security in the hands of a U.S. taxpayer as an adjustment per
See attachment for the per share amounts identified as return of capital. These amounts will reduce a shareholder's adjusted tax basis in its shares of the Fund. To the extent the return of capital exceeds a shareholder's adjusted tax
basis in its shares of the Fund, such excess will be recognized as a capital gain.
16 Describe the calculation of the change in basis and the data that supports the calculation, such as the market values of securities and the
valuation dates | See attachment |
For Paperwork Reduction Act Notice, see the separate Instructions. | Cat. No. 37752P | Form 8937 (12-2017) |
Form 8937 (12-2017) | Page 2 | |
Part II | Organizational Action (continued) |
17 List the applicable Internal Revenue Code section(s) and subsection(s) upon which the tax treatment is based
IRC Section 301(c)(2), Section 316(a), Section 316(b)(4)
18 Can any resulting loss be recognized? | Not applicable |
19 Provide any other information necessary to implement the adjustment, such as the reportable tax year | The reportable year is fiscal year |
ending December 31, 2023. | |
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign | 2/29/2024 | ||||||||
Here Signature | Date | ||||||||
Print your name Greg Hoppe | Title | Chief Financial Officer | |||||||
Paid | Print/Type preparer's name | Preparer's signature | Date | Check | if | PTIN | |||
Preparer | self-employed | ||||||||
Use Only | Firm's name | Firm's EIN | |||||||
Firm's address | Phone no. | ||||||||
Send Form 8937 (including accompanying statements) to: Department of the Treasury, Internal Revenue Service, Ogden, UT 84201-0054
Form 8937 Attachment
Lines 10,12,14,15 and 16
Madison Covered Call & Equity Strategy Fund
EIN: 20-1379652
Non-Taxable | ||||||
Ticker | Record | Ex | Payment | Total Distribution | Return of Capital | |
CUSIP | Symbol | Date | Date | Date | Per Share | Per Share |
557437100 | MCN | 3/16/2023 | 3/15/2023 | 3/31/2023 | 0.180000 | 0.059934 |
557437100 | MCN | 6/16/2023 | 6/15/2023 | 6/30/2023 | 0.180000 | 0.059934 |
557437100 | MCN | 9/15/2023 | 9/14/2023 | 9/29/2023 | 0.180000 | 0.059934 |
557437100 | MCN | 12/15/2023 | 12/14/2023 | 12/29/2023 | 0.180000 | 0.059934 |
Effect on Cost Basis
The adjusted tax basis of the shareholder's shares is decreased by the per share return of capital shown above, multiplied by the number of shares of the Fund the shareholder owns. To the extent the amounts identified as return of capital exceed a shareholder's adjusted tax basis in its Fund shares, such excess would be recognized as capital gain from the sale or exchange of property.
Shareholders should consult with their tax advisors for more information.
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Madison Covered Call & Equity Strategy Fund published this content on 18 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2024 15:26:06 UTC.
