@paulreese18 Per Champ @tagteam,
"There is sort of a split of opinion on this scenario with some professionals asserting that an incorrect basis can be adjusted by filing Form 3115 and others asserting the use of an incorrect basis is not an impermissible method of accounting that is subject to a 481(a) adjustment on Form 3115 (i.e., prior, open, returns can only be amended)."
Click this link for more discussion on Form 3115.
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