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Under IRS rules, if a customer selling shares of stock wishes to use specific identification instead of FIFO for cost basis reporting, the broker-dealer effecting the trade must be notified of this no later than:

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estryzy

Answer:

Settlement Date

Explanation:

The broker is expected to be notified on the date which the cash or assets has been transferred has been completed. The settlement date simply refers to the date that the trade or sales of shares of stock settles, and thus when using specific identification rather than FIFO, the broker dealer must be notified no later than the settlement date for cost basis reporting.

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