I have a client whose father invested in IRA's. The father died, and the son received the IRA's as the residual beneficiary of the account, and this money didn't go through probate (that's what he says).
For some reason, there was a transaction performed and part of the IRA was redeemed and immediately reinvested in the same shares. He claims it was a mess-up on the part of the broker. But the strange this is that he received a 1099-B for the "sale"of those shares.
Of course, he has no idea of the cost basis of those shares or whether his father had any nondeductibe contributions to the IRA.
Can anyone make heads or tails of this?
Thanks.
David Rosenbaum