
I saw this quirky story:
and I got to wondering, if someone were awarded "(5) single bars of gold – 1 oz each" (or any quantity of gold or another asset like 5 shares of stock or whatever), how would one determine the proper cost basis for the award for capital gains calculations/taxes?
Handsome Debonair Guy v. Family Dollar Store Owner
Complaint: I, Handsome Debonair Guy, was assaulted by Family Dollar Store employees. While I was shoplifting. They broke my ribs and gouged my throat with 2-inch fingernails. Now I'm suing for (a) $3.5 million, or (b) an out-of-court settlement for $350K and court fees and "(5) single bars of gold – 1 oz each," or (c) $1M cash and court fees.
...
and I got to wondering, if someone were awarded "(5) single bars of gold – 1 oz each" (or any quantity of gold or another asset like 5 shares of stock or whatever), how would one determine the proper cost basis for the award for capital gains calculations/taxes?