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Thank you for your clear answer. I can not prove the cost…

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Thank you Roger for your...
Thank you Roger for your clear answer. I can not prove the cost basis of my initial investment because it was such a long time ago. My investment in the company was a tract of land purchased by me personally in 1990. The company was formed in 1995. In Venezuela records are kept only 5 years because all debts legally expire after that time. Also, at that time, I was a Mexican citizen doing business in Venezuela with no fiscal relation to the USA. I hired a prestigious accounting firm which never advised me about the existence of forms 5471 so I only filled them out recently ( since 2011), after I was advised of a fine by the IRS. What can do?
Submitted: 3 months ago.Category: Finance
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5/27/2018
Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 3 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Finance
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 3 months ago

You have no records, no bank statements, that would state what you paid for it? What about the title? Those documents are usually kept permanently.

If you cannot prove basis, under Internal Revenue Code §1021, your basis is zero. If you can prove what the land cost, your basis for the corporation would be, at a minimum, the cost basis of the land.

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Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 3 months ago

Do you have any more questions? I have not heard back from you.

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Financial Professional: taxmanrog, Certified Public Accountant (CPA) replied 3 months ago

Hello?

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