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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: More worthless investments Date: 7/12/2000 6:45 PM
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<<I do have a copy of the confirmation statement, but I don't understand why brokers who perform the transaction aren't required to maintain accurate data in the statements they provide to their clients.>>

I'm not sure that I quite understand what you're driving at. Do you mean that if you bought a stock at ML 20 years ago, ML should still have a confirmation of that transaction? I suppose that would be nice if they did, but I don't believe they have the legal obligation to maintain records that long. Could you imagine their record retention issues? I'm sure that if there is some legal requirement, one of the attorney folk that visit here regularly will let us know.

<<This is some eye opener if that's the case! ML simply has listed NA for the purchase info not only for MCI but two other securities purchases and has no intention of correcting the information unless I make it available to them.>>

Again, I can't speak about ML specifically. I'm not too familar with full service brokers since I haven't done business with them directly for a number of years. I know that some of my clients brokers provide "cost" information on their annual reports. But I don't know what ML does.

<<I don't think it is my responsibility to straighten out their reports after all the $$ I've forked over for their complete financial services for 17 years. Please tell me it isn't so. (Sorry I can't seem to do the copy paste move to make this easier to follow).>>

If you have a copy of the confirmation (which you should have and which you say you do have), the problem is solved. It's YOUR responsibility to retain those documents for tax purposes. Nobody else has that responsibility. As far as what ML does and doesn't do, you'll have to take it up with them.

TMF Taxes
Roy
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