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What happens if basis is not established for an asset which is sold? The basis will be: Adjusted to reflect the fair market value at

What happens if basis is not established for an asset which is sold? The basis will be:

Adjusted to reflect the fair market value at the time of the sale.

Assigned a value of one-half of the sale price.

Assigned a value of the full sale price.

Assigned a value of $0, and all of the proceeds will be considered gain.

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