Capital gains rules eyed

Companion bills renew a past congressional attempt to make it harder for taxpayers to avoid paying capital gains taxes on certain investments.
OCT 02, 2007
Companion bills renew a past congressional attempt to make it harder for taxpayers to avoid paying capital gains taxes on certain investments. The bills, S 601 and HR 878, would require brokerage houses and mutual fund companies to report certain information to the government. Investors’ adjusted cost basis for securities and associated sale price would be sent to both taxpayers and the IRS. Additionally, the language of those bills is also included in S 1111, which pushes for a flat tax. For a look at the bills, go to thomas.loc.gov.

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