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Last January my wife's grandpa gave her a chunk of stock. I don't know what his cost basis is, and the only information I have is the price at which it was gifted to my wife.

I read that my cost basis will be the lower of the transfer price or grandpa's cost basis. That doesn't make sense. I certainly don't want to ask him how much he paid for the stock, and since he's had it for years, buyouts and splits, I doubt he knows either. When we decide to sell, what will my cost basis be?
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