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Basis Reporting: Lessons Learned and Direction Forward

Steven Rosenthal

Published: April 25, 2012
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Stockbrokers began reporting sales proceeds and cost basis to the IRS and taxpayers this year. This article describes how those information reports came about and discusses the issues they raise. It also argues that compliance gains and simplification benefits justify the reporting burdens that come with advances in information technology, but asserts that Congress and the IRS should take steps to alleviate the burden.