Back in 2013 a partnership acquired various different investments in companies (all from one seller). Agreed values were set between the partners and the seller for 2 of the companies and then the total purchase price was split across the rest of the companies on what was a fairly notional basis. One of those companies was listed on the NASDAQ and 2000 shares changed hands. The value they allocated to the shares was $1000, but if they'd used the listed price then it would have been $30,000
They've just sold the shares for $40,000 and would obviously like to use the listed price at the time of acquisition as the base cost for the tax calcs. Our tax accountant is unsure what basis to use and has fired it back my way. Help please!