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"No. You're probably thinking of the "28% gains," a subset of long-term capital gains. The "28% bracket" is the standard tax bracket found on the Tax Rate Schedules."

I think the IRS message is confusing. What was probably meant was 28% or higher bracket.

By the ways, as to which is right, open or close of 1/2/2001, common sense (which doesn't necessarily apply to IRS matters) suggests it should be the open, since that way people could use the values listed on their closing statements for 2000. Finding the closing values for 1/2/2001 is a pain, even if you know how to do it (I've never even tried to see if I can get an historical quote for a mutual fund).
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