SEC money-fund proposal gets help from IRS

07/8/2013 | Bloomberg

The Internal Revenue Service has proposed a rule change to make tax accounting easier if some money market funds abandon their $1 fixed share price, as a result of a proposal by the Securities and Exchange Commission. "Tracking wash sales of money market fund shares will present shareholders of floating-[net asset value] money market funds with significant practical challenges," the IRS said. The rule would be changed to not treat money-fund redemptions as a wash sale, the agency says.

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