I have a broker statement with form 1099-B and on the summary page it says: Term - Undetermined; Form 8949 - B or E (Basis not reported to the IRS).... There is a proceed amount shown but the cost basis is 0.... How would you determine the cost basis?
1) Ask your client
2) Talk to the stock broker; for the fees they charge they should be able to do some research.
3) Research it yourself using an on-line site like Big Charts.
A word of advice.... if a cost basis can't be documented, you are supposed to use zero. Tell your client that; it usually motivates them.
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