It's many thousands of dollars. About $30,000 for one year.

And it doesn't seem right to enter the basis equal to the proceeds because what actually seems to have happened is that the income was paid to tp without any sale happening. So he didn't buy anything to sell, he just made that income. Therefore it seems like the total amount of the proceeds is the gain.

I'm posting here because I'm hoping this isn't true.  I would need to know why it isn't true.

Thanks, Ky