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When I finally got around to reading today's paper, there was a Jane Bryant Quinn column on the "demutualizing" of insurance companies. Although her column was directed at shareholders facing a decision to take shares or cash, she said that, generally, cash would yield an immediate capital gain, while shares would not yield a taxable gain until sold. This doesn't sovle the question of what basis, if any, your shares have, but it does lead me to believe that no immediate reporting is required.

Phil Marti
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