Capital gains on Baseball cards

[jrc0109]

How can the cost basis be determined for a baseball that was inherited and in the inheritor's  possession since 1972? It's value back then was never realized by the owner. 

Can the consumer price index (inflation index) be used to determine the approximate value in 1972?

[ThomasM125]

The basis would be the fair market value when the individual died who then passed ownership on to his or her heir. Using the consumer price index to determine the present value back in 1972 would be a start on determining the basis. A better method would be to find an appraiser or maybe a respectable collector that would be well informed on the matter.