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Thanks, Ira for the reply. Since I am talking about small amounts, is it possible to treat these as dividends and pay the tax now as opposed to keeping track of the cost basis?

You can always pay more tax now. The IRS will love you (but they won't thank you). However, that doesn't mean you won't pay the tax again when you sell the shares. With cost basis tracking becoming the rule, your broker will be reporting the adjusted (lower) cost basis when you sell, so you'll just pay the tax twice.

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