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The Emergency Economic Stabilization Act of 2008 requires mutual fund companies to report the cost basis of covered shares beginning on January 1, 2012.

Don't forget that even though 1099-B's will start showing basis for some sales, you don't have to use that basis if another applies. Nothing in the law about determining basis changed with this legislation. So, for example, you could use average basis for one fund and FIFO for another.

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