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The key step when deciding who pays the tax on a gain under an investment bond is to establish who the owners of the bond are when the gain arises. The tax treatment then depends on whether the bond is individually owned or held under a trust / the type of trust.
When you sell or exchange your mutual fund shares, or if they are redeemed (a redemption), you will generally have a taxable gain or a deductible loss. This also applies to shares of a tax-exempt mutual fund. Sales, exchanges, and redemptions are all treated as sales of capital assets.The amount of the gain or loss is the difference between your adjusted basis (defined earlier) in the shares and the amount you realize from the sale, exchange, or redemption.ou can figure your gain or loss using a cost basis only if you did not previously use an average basis for a sale, exchange, or redemption of other shares in the same mutual fund. To figure cost basis, you can choose one of the following methods. 1  Specific share identification. 2  First-in first-out (FIFO).