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A closed end fund issues a fixed number of shares that trade similarly to shares of publically held corporations listed on the stock exchange.The daily price of a closed end mutual fund may be below or above the net value of its investment portfolio. This is different than a open end fund. An open end fund characteristic is the value of and the number of shares in your portfolio change daily as investors purchase and redeem shares.

Mutual fund distributions are reported to the IRS and to you on Federal Form 1099-DIV or a substitute equivalent 1099-DIV statement.
Several types of of dividends can be reported on Form 1099-DIV.
Dividends that were reinvested by you instead of receiving cash will be listed on this form.

Mutual fund dividends declared at the end of the year in the months of October through December and paid the following January are taxable in the year declared.

The amount listed on Form 1099-DIV box 5 for fund expenses is deductible as an miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.

The amount listed on Form 1099-DIV box 6 for foreign taxes are deductible on tax credit Form 1116 or as an itemized deduction, other tax amount on IRS Schedule A.

A gift tax return must be filed on IRS Form 709 for any gift given an individual other than your spouse if the gift exceeds $14,000 ($13,000 in 2012).
A return does not have to be filed for gifts qualifying for the medical expenses or tuition exclusions.

The Gift tax return, Form 709 is due to be filed by April 15th of the year following the year of the gift. Extension forms may be filied if needed.

(US News = ww.usnews.com/usnews/edu) (Princeton Reviews list = www.review.com/college) (Rankings Issues = www.library.uiuc.edu/edx/rankings.htm)

www.collegeboard.org/sat/html/satform.html is SAT on line forms access) (www.act.org/aap/regist/index.html is ACT on line forms access) (www.collegeboard.com is the College Boards site with advice and explanations and SAT review questions.) (www.college.com includes free SAT and ACT practice tests) (www.number2.com includes free SAT practice tests)

www.fastweb.com/fastsearch/college is FastSearch website. dir.yahoo.com/education/higher_educationcolleges_and_universities is Yahoo's website.