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<<Many people (even tax geeks) are beginning to use the terms "short term/mid term/long term". I have even caught myself saying "mid term" (althought I'm trying to stop it). >>

Blame it on the tax-writing staff in Congress. The 1997 Act uses the words "mid-term" to describe gain that is more than one year (and therefore long-term) but not more than 18 months (and therefore not eligible for the 20% rate). By the time they were writing technical corrections, they figured out that it was too confusing to have gains that are called mid-term even though those same gains qualify as long-term, so the technical corrections act, when passed, will do away with the "mid-terminology."

KAT in Chicagoland
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