A method of identifying specific shares of securities to be sold for tax purposes–also called “vs. purchase.” If versus purchase is not specifically stated at the time of sale, the IRS deems the securities sold are made on a first-in first-out (FIFO) basis. Typically, you can have your broker add a memo line to your confirmation statement, per your instructions. For example, if you’re selling the 100 shares you bought on March 31, 2008, ask your broker to write on your confirmation that the transaction is a sale “vs. purchase 3/31/08.” For online trades, you should immediately follow up with a phone call to specify your instructions. Exceptions to matching buys and sells on the FIFO basis exist for mutual fund shares (for which taxpayers generally elect to use the rolling average cost basis) and for publicly traded partnerships (for which IRS Rev. Rul. 84-53 requires a rolling average cost basis, referred to as a unified/unitary basis, in the PTP units). An exception to the exception
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