yes, the taxes will be paid when you sell, however, there is tax on any fractional share received which has been liquidated... eg. if you get .15 shares for every 1 share, and you only had 50 shares, then you would have 7.5 shares... 7 shares you would have in your account, but .5 share would be liquidated and you'd have to pay the tax for it.. the tax basis for the new stock and the old stock would both be adjusted... it's like when Motorla had the Freescale spinoff, or AT&T had the Lucent spinoff.
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