The Tax Court, in Turan, Kenan v. Commissioner, T.C. Memo. 2017-141, sustaining an accuracy-related penalty, held that an individual’s per share cost basis in stock sold during tax year was properly calculated using the first-in, first out method.

See full Turan, Kenan v. Commissioner opinion by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.