Hi I am exposed to tax liability in following sceneraio and am not sure if the fund manager is treating me correctly or not: 1. I invested about $100k in 1995 with a fund manager (fm) 2. In June 2007, I used these funds and raised margin loan with a loan provider (LP). 3. In June 2008, I paid back fully money to LP who promptly informed fm 4. I then received instruction from fm that I needed to open a new account to have these funds invested. 5. I spoke to my accountant and his view is that the tax office will treat the new account as new investment and treat as if I had redeemed the first investment and I will be up for tax liability. My problem is that I had done this with two fund managers and only one of them is asking for a new account to be opened. Looks to me not only margin loan providers are all different (Opes etc), the fund managers treat them differently. We all know the grief to the investor the differences in providers caused. Are the authorities waiting similar from fund managers? Any help will be greatly reduce my high stress level.