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To add what WilliamLipp posted...

All purchases made by you or by reinvested dividends and gains, over a year and a day ago, qualify for long-term capital gains when you sell them. If you are in the 15% tax-bracket, you pay 10% tax, otherwise the tax is 20%. If you want to sell just those shares, you must specifically enumerate them, date & purchase amount, in writing, when you ask your mutual fund to sell them. You do this so you can show the IRS which shares qualify for long-term capital gains.

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