Taxpayers are generally aware that when an investment asset is sold either a gain or loss is recognized and they will have to pay tax on any gain or they may receive some tax benefit from a loss.  However, they may not be sure of how that gain or loss is measured nor the origin of the information that is integral to the calculation. 

In this edition Attorney Natale A. Messina discusses the new rules requiring consistent basis reporting between estate and beneficiaries.

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