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I have a substantial amount of stock with a market value of $60 and a tax basis of $25. Since this is stock of my current employer and since a substantial portion of my 401k is invested in the same stock, I would like to diversify my holdings.

If I open a self-directed IRA, would I be able to contribute $2000 in the company stock to the IRA, sell the stock within the self directed IRA so that I can invest in other stocks while avoiding the capital gains tax?

Thanks for your help.
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