I am trying to calculate stock basis for stocks sold in
2006. These stocks were purchased in 2006 and earlier years. I do not have details on basis for stock purchased prior to 2006, so I can't really use FIFO to determine basis. Can I use "specific identification" then? For instance, I owned 100 stock A as of 1/1/06. If I purchased 30 A-stocks in June '06 for $100 and sold 30 A-stocks in Dec '06. Can I say that that the basis of the Dec '06 sale is $100 (=cost of the June '06 purchase) or I MUST use cost of stocks owned on 1/1/06? If I shoud use FIFO, what can I do if I don't have records to determine FIFO-basis properly? I was trying to read IRS publication on cost basis but it is not that detailed. Thanks for your replies!
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