You guys are very funny. No wonders the IRS have auditors in the field auditing. Some of you are way off base here and should be audited, except the IRS will not change your return to benefit you so you won't get looked at.
ha ha Everyone needs to check with IRS at irs.gov Many incorrect responses here.
I asked about the basis on shares given after the demutualization of PRU. Since posting that question, another court decision has come down the pike, and I am happy to learn the basis of these shares is the value on the day they were given to me! Somewhat like inheriting those shares!
But I know several people who sold their shares years ago and paid tax on the total sale amount. You can only amend tax returns for 3 years, so they are SOL.