Three sale transactions where date acquired and cost are not provided. The three investments are mutual funds of a major insurance company; an income fund, intermediate term bond fund and a short-term bond fund. What is the solution when the client does not have the information? Thank you!!
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All you can do is ask your client to try and get the missing information. He may have acquired the shares when his account was with a different broker, or the shares may have been received in a corporate spin-off or other reorganization. There are other possibilities. You can often find out where the shares came from by doing some checking on the internet.
What I often do when the sale proceeds amounts are small is simply use "Long-Term" as the holding period, and $0 for the basis. When the sale proceeds are sizable, though, it's in the T/P's own best interest to try to determine the basis, even if it's only an approximate one.Roland Slugg
"I do what I can."
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