For instance, while these entities must report some financial information, their Form 990 disclosures are far less informative than what public companies must report to their shareholders.
David Eich, founder of Armen Computing, which offers a software solution for active traders to track basis called Tradelog, says it would be "a nightmare" if brokers were required to report old basis information, which they may not have in any form, let alone an easily retrievable or accurate one.