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The problem here is that the buyer is dead and knowledge of the basis may be lost. It could be written down in a safe place, but not known to estate's executor.
by jws 8y ago
The problem here is that the buyer is dead and knowledge of the basis may be lost. It could be written down in a safe place, but not known to estate's executor.
- secabeen 8y agoThat was the historic reason, and it certainly had value. In the information age, I think we could consider requiring the recording of cost basic for assets purchased after some date. (The SEC started requiring brokerage firms to record cost basis a few years back, so we're on the way)