No, that doesn't seem right. Does your 1099-B only report the sale to cover the taxes or does it cover the other sale as well that went into your pocket? When you said you received $7,200, did you mean you actually received that in cash or that you still have stock that was worth $7,200 in that account?
If the only sale was the shares sold to cover taxes, then your cost basis would be determined by the report of the adjusted cost basis of all the shares * the shares sold to cover the taxes / total shares received. If the total adjusted cost basis was $10,000 and you received 100 shares, 28 of which were sold to cover taxes, then your basis for the sale would be $10,000 * 28 / 100 or $2,800. You would still have 72 shares. Their basis would be $10,0000 * 72 / 100 or $7,200.
@neesecm
