If the Tax Professional does not establish basis for an asset that is sold, the _____. Basis will be adjusted to reflect the fair market value at the time of the sale. Basis will be assumed to be one-half of the sale price. IRS will assume the basis is $0 and consider all of the proceeds to be gain. IRS will assume the basis to be one-fourth of the sales price. Mark for follow up Which of these would NOT increase basis? Casualty restoration bringing the property to pre-casualty condition