If portion of stock sold is checked uncovered on 1099B and I cannot verify purchase price from 1979 do I just show this portion of proceeds taxable income? $ per/sh sold

[LeeM]

First, I would always be as conservative as possible if you follow the recommendations below.

I would try to come up with a date range as close to the actual date acquired as you can (in your case it may be 1979). As long as it is over a year old, it will not make a difference for tax purposes.

Once you have an acquisition date or range, I would go to the Yahoo Finance Historical Stock Price page at http://finance.yahoo.com/q/hp?s=YHOO.

You can then enter the stock ticker symbol and date range for a list of prices by day. I would use the lowest stock price and day in your range as the date acquired and cost in order to be as conservative as possible. 

Non-covered shares are shares purchased by a shareholder on or before December 31, 2011. Non-covered shares will continue to be reported as they have in the past – only the gross proceeds will be reported to the IRS.The box just alerts the IRS and you that the brokerage does not have to report the cost of the shares (basis).