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Subject:  Re: Precious metals question Date:  6/7/2012  8:38 AM
Author:  irasmilo Number:  116232 of 123001

I don't think the election to use average cost basis is available unless you're selling mutual fund shares or other covered securities. I looked in publication 550 and 544 and, while they describe the general rule for cost basis transactions (specific identification or FIFO) and also discussed the special cost averaging election for mutual funds, there was no discussion of any special rules that might apply to determining tax basis in fungib