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Monday, July 08, 2013

IRS Tries to Lessen Money Fund Rule Burden

News summary by MFWire's editors

Not long after the SEC approved new money fund rules, requiring some institutional funds to lose their $1 share price for a floating NAV, the IRS is getting involved.

The IRS is proposing a change in tax rules that would exempt small losses on the sale of money fund shares from the wash-sale rule, Bloomberg Businessweek's Carla Main reported.

The wash-sale rule prevents investors from recognizing a loss when selling a security if they repurchase the same security within 30 days.

It's far from an ideal solution for the mutual fund industry, however. The industry fought against a floating NAV, which they argued would impose record keeping burdens by making all transactions—be they small or big gains, or losses—taxable.

To read more, click here

Edited by: Casey Quinlan

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