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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (1599)	12/12/1998 10:45:00 PM
From: mod	Read Replies (2) \| Respond to of 5810

Colin, OK, you challenged me on documentation of "versus purchase" sales. I agree with you, documentation is better then no documentation, but contemporaneous records must be worth something, if the brokerage firm doesn't otherwise note it on the confirm. Now I'll challenge your $1 sale. What if the IRS says "prove it was worth $1"? How can you back it up? The IRS may think it was an attempt to avoid gift tax, or to take a phony loss. I believe that is what the reference to going through an exchange/broker was meant for, while it may not be required, it is better proof of the value. Dennis