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[[I just opened a Roth account with Waterhouse. My question
is, if I buy a particular stock or mutual fund can I redeem
these shares in the future with in the Roth account as cash and
buy another stock or mutual fund with out incurring any

Sure...any trading that you do in the Roth IRA account (or traditional IRA for that matter) is immaterial. Short term, long term, interest, dividends...really all have no meaning. You will be taxed on your distributions from the Roth IRA (if you take those distributions early), no matter HOW the earnings were generated. So as long as all of the trading stays within the IRA, and you take no distributions, there will be no taxes or penalties.

[[ I am just a little confused as far as the trading with in a
Brokerage Roth account goes.]]

Hope this helps...

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