Consfused about this. I've got the OID factors and have been including earnings in income for state taxes all aong. But when I sell, or when the bonds are called, what is the basis? How do I reflect both the premium I paid for buying the bonds and the OID I've been declaring for state income taxes all along in my basis? What if the bond is called and the total OID and my cost exceeds the call amount - can I claim a loss? Any help would be appreciated.
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