Well Gang,

  Our friend at the brokerage worked hard today and got me the information I needed. It's not "no basis" and it's not "full proceeds = basis." It depends on whether the "bonds" were purchased at a premium (higher than par value) or at a discount (lower than par value). This could result in a tax advantage to the tp.

   I'm still sorting through all this and it's 5:00 now, so I'm write more when I get it straight. There is a good web site and specific page for this if you want to check it out.

http://costbasis.com/gnmas.html