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After the miter cut, I use a jack knife to trim a small amount from the inside edges. That usually allows the joint to fit tightly, but for painted base moldings, I also use a thin layer of caulk on the mating surfaces to fill any minor gaps. It takes too long to cope outside corners, and I don't know what would be gained.
Wood moldings with a natural finish take a bit more care, but I still use a knife to trim the inner edges.
If you cross-nail outside corners, you have a stronger joint, but it's very easy to split wood when you nail that close to the ends, especially with the crappy Asian-made nails, so I almost never do. If I do, I drill first and use the smallest nail I can get by with.
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