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Microcap & Penny Stocks : Centura Software Corporation (NASDAQ:CNTR)
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To: Martin Field who wrote (22)11/20/1996 8:57:00 PM
From: Jatin Kadakia   of 2428
 
Hi All,

I have been watching CNTR thread from sidelines for a while and now I am getting to a point where I need to make a decision before tax year ends. I have shi@load of CNTR shares in my regular (taxed) account that I bought at an average price of $8.10. However at this point, I am now in a nice position to do one of the three things.

1. I can sell the shares now and wait 30 days to buy back to reduce my capital gains from other trades. Overall, I would still be ahead but uncle Sam wont be too excited. Risk here is that I do not know where CNTR will be trading 30 days from now.

OR

2. I can double up in my IRA account at current price and then get rid of these shares later in the year to reduce my gains from the other trades. I have done this kind of dollar cost averaging between my regular and IRA accounts before to my advantage (taking loss in regular account and moving gains to IRA account). I am in a position to do the same with CNTR using my current cash position in my IRA account. Anyone know if wash rule applies here?

OR

3. I can double up in my wife's IRA account and get rid of shares in my regular account when opportunity comes up before the year end. If filing jointly, does wash rule apply when trading in such fashion?

I will appreciate any comments I can get between now and Nov 30 so I can make a reasonable decision. May be CNTR will be 10 dollars and I wont have to worry about any of this!!

BTW, I bought 1000 of these shares in the period qualifying in the class action suit. Anyone know when and how that will be settled and what the tax liability is for such an settlement? I think I would have to get a tax consultant to help me with that especially if I sell before settlement occurs.

Help me clean up this mess!!

Thanks in advance,

Jatin
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