As a former accountant (and someone whose majority of shares are held in my SEP IRA...); if we're talkin' a 401K retirement account, I believe it's ALL tax deferred (by the nature of the account). No cap gains or losses on anything traded. Assuming you hold until retirement, your distributions will normally be taxed as ordinary income to you...at that time.
Others may know better than I however; yo PhillyMike...you in the house...? :-)
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