Wall Street: A Stop to the Swap?

So many trinkets were attached to a minor tax bill passed by Congress last October that the measure became known as "the Christmas Tree Act of 1966."

As far as some investors and mutual-fund salesmen are concerned, one of the uglier ornaments was a rider tightening up Section 351 (a) of the Internal Revenue Code. It ruled out the establishment of any exchange funds or—as they are more commonly known—swap funds that had not been registered with the Securities and Exchange Commission before last Jan. 1.

Designed for the stockholder with a large interest in a single stock and a...

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