I'm not sure why "Unknown term basis not reported to IRS" is an option. I've never used it nor I have ever seen it used. You have to tell the IRS whether your holding period for the asset you sold was long-term or short-term. Your broker may not know, but you should. I recommend you use either A) Short-term basis not reported to the IRS (uncovered) or B) Long-term basis not reported to the IRS (uncovered).
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