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If you get a 1099-DIV, you will appropriately add that amount to your cost basis, as you have done in the past.
If y our fund only distributes capital gains in December, you won't get a 1099-DIV for this year, and yes, you will pay any appropriate capital gains on the sale.
If your fund distributes capital gains quarterly, you may already have received somoe distribution for 2004 and thus might get both a 1099-Div and a form indicating sale proceeds.
But no, you don't get taxed twice on the same income.
Best wishes, Chris
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