Setting an object back to 0,0,0 in it's relative Parent coordinate space...

I've got a gui interface of sliders, and each of them are correctly zeroed out. What I would love to learn how to do is to simply create a 1 button script that sets whatever I have selected back to 0,0,0 in it's Parent coordinate space... setting everything back to zero.

By default, defining position for an object is done in World coordinate space... i.e.
$.pos = [0,0,0]

This doesn't work however when trying to do the same type of thing in an objects local Parent space.

Any ideas?
Thanks in advance!