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The Boston Globe

Business

Stock deals now open to the tax man

Until recently, the tax man rarely held you accountable for how much you profited — or lost — when you sold stocks or mutual funds.

Instead, reporting those numbers on your tax return was generally based on the honor system: You reported how much you bought the stock for, and if you lost track or couldn’t remember, you made your best guess. The tax collectors didn’t have an automated way of checking your calculations.

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