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I'm wondering if there is any problem with buying X number of shares of "new" stock and selling the same number of shares of the "old" stock so I can claim long term capital gains instead of short term capital gains.

When you sell, it is possible with some brokers to indicate specifically which shares you are selling. This needs to be indicated on the trade confirmation for it to be acceptable with the IRS.

Check with your broker for the proper procedure (or if your broker even allows this).
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