A nightmare." "A bugaboo." "The bane of our existence." Those are among the kinder, gentler remarks expressed by financial planners when asked about cost basis reporting just after the April tax filing deadline.

"We probably get over 100 calls each year from clients' accountants," says Lee Rosenberg, president of American Investment Planners in Jericho, N.Y. "They call us at the last minute, and they want immediate answers to questions about their clients' basis in securities that were sold that year."

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