Ferdiefor will they fix this... The new 15% capital gain rate takes effect on May 6, 2003. So one could presume that 1099 capital gain distributions for sales that took place from Jan 1 thru May 5 will be taxed at 20% while those taking place in the remainder of the the year will be taxed at 15%. Would mean another box on the 1099 DIV and a real pain especially if you've got your shares in street name.
I don't think they will fix this because of the complexity. Remember the "Taxpayer Relief Act of 1997"? It provided a (then) favorable 20% capital gains rate to assets disposed of during an 83 day window beginning May 7, 1997.
Like then, the real fun this time will be with the "priority of application of the netting rules"; e.g, a short term gain, a 20% loss, a 15% gain, and an unused capital loss carryforward....Is your Advil ready?
But don't worry; your Turbotax (or CPA) can deal with it.