Test Section 1 Question 1 of 16. What happens if the Tax Professional does not establish basis for an asset which is sold? o The IRS will assume the basis is $0 and consider all of the proceeds to be gain. O The basis will be adjusted to reflect the fair market value at the time of the sale O Basis will be assumed to be one-half of the sale price. O None of the above Mark for follow up Save / Return Later Summary Next