Kayaking enthusiasts revel in spending time on what they call big water, the major rivers and waterways that offer arresting mountain beauty, rapids, and if they are lucky, crystal clear views of flora and fauna on the river bed.

The new cost basis reporting rules, which got under way in January, remind this blogger of her big water excursions -- scanty as they were -- mainly because of the potentially heart-racing chops that lie ahead for advisors and clients. There are several new reporting forms to help investors and their brokers conform to the new cost-basis reporting rules, but they are complex and did not come with instructions.

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