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@Tucsonpremium wrote:

This was reported on 1099-B, it shows sale of shares for $114,251 gain but she never received any money, the funds change from one company to another one

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You then mentioned "First Inv Tax Exempt Income Fund-A". My take on this is that the shares of "First Inv Tax Exempt Income Fund-A" were sold. The money that was never received was used to buy some other fund. The income, i.e. dividend from this may be tax free but the gain (or loss) is not. Hopefully this was a covered sale and the basis is shown. If not, have the client work with the financial advisor to determine what the basis is. A quick search of the price history for this fund shows it right around $9 -$11 for all time, so the gain (or loss) should not be a huge number.  

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