Posted 9/15/2021 09:52 (#9221408 - in reply to #9221392) Subject: RE: Basis question
Sir, I don't know about the specifics but can guarantee a general rule. You were concerned it'd be a nightmare for the government to figure out basis. Nope. Nightmare for you--easy for IRS. They'll simply assess taxes based on some best guess that reflects the highest amount they figure they can tax you. It'll be up to you to prove otherwise. Have a good day. Stetts PS: The IRS exists to collect money, as much as possible. There's no empathy, logic, consistency, fairness or justice. I've read cases where the IRS will argue opposite sides of the same issue simply depending upon which argument gains them the most money.