Business Services Industry
Capital gains and payouts from mutual funds.
Kiplinger Tax Letter, The, November, 1997
Capital gains and payouts from mutual funds have IRS in a bind. For '97, funds will tell shareowners what part of such payouts qualifies for the 20% top rate on gains, what is subject to the 28% maximum, etc. But funds need NOT report breakdowns to IRS...no space on Form 1099-DIV. (Of course, funds still will report the TOTAL long-term gains to the IRS.)
IRS won't be able to easily check if gains are reported properly in the 20% and 28% categories...no computer report to match against 1040s.
The only way IRS can verify reporting is by questioning taxpayers.
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