MUTUAL FUND CAPITAL GAINS TO BE TAXED AT LOWER RATES: The Internal Revenue Service and the Treasury Department have clarified that capital gain dividends received from a mutual fund in 2004 will be taxed at the new, lower capital gain rates enacted last year.
Concern had been expressed that the existing rules for dividend designation and the transition to the new, lower capital gain rates enacted last year might cause some 2004 capital gain dividends to be taxed to fund shareholders at the old, higher capital gain rates. The guidance clarifies that this will not occur.
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